Honda Lowers Annual Forecast

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Honda Motor Co
HMC
lowered its guidance for this year. Honda's operating profit dropped 4.1% to 164.4 billion yen ($1.52 billion) for the latest quarter, versus analysts' estimates of 184.1 billion yen. The company's Q2 net profit surged 17.9% to 141.9 billion yen. Its sales gained 4.3% to 3.01 trillion yen. Honda sold 1.07 million vehicles in the quarter, versus 1.05 million, in the year-ago period. In Japan, operating profit climbed 22% to around 60 billion yen, while operating profit in North America declined 15% to 38.9 billion yen in the quarter. Loss in Europe shrank to 7.5 billion yen. The company now projects to sell 4.620 million vehicles globally this year. It lowered its sales outlook for Japan and for the rest of Asia by 100,000 vehicles each. For the year ending March, in revenue terms, Honda now projects 12.75 trillion yen, versus earlier forecast of 12.80 trillion yen. Honda now expects net profit to drop 1.6% to 565 billion yen. Honda shares fell 0.80% to close at $30.82 yesterday.
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Posted In: EarningsNewsGuidanceprofit
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