Honda Motor Co Ltd HMC reported Q2 FY24 sales revenue growth of 17.1% Y/Y to ¥4.98 trillion.
Sales revenue of the Automobile business rose 23.9% Y/Y to ¥3.32 trillion, Motorcycle business increased 10.7% Y/Y to ¥815.6 billion, and the Financial Services business grew 3.2% Y/Y to ¥804.2 billion.
Motorcycles unit sales declined to 4.793 million from 4.951 million, while Automobile unit sales rose to 1.033 million from 970 thousand a year ago.
The operating profit was up 30.7% Y/Y to ¥302.1 billion in the quarter. Profit for the period attributable to owners of the parent increased to ¥253.2 billion from ¥189.3 billion the prior year.
EPS of ¥51.49 came higher than ¥36.95 a year ago.
As of September 30, 2023, cash and cash equivalents totaled ¥4.44 trillion.
Outlook: Honda raised its FY24 sales outlook to ¥20.0 trillion from ¥18.2 trillion (+18.3% Y/Y), operating profit to ¥1.2 trillion from ¥1.0 trillion (+53.7% Y/Y), profit attributable to owners of the parent to ¥930 billion from ¥800 billion (+42.8% Y/Y).
The company lowered the outlook for Motorcycles unit sales to 18.80 million (+0.2% Y/Y) and Automobile unit sales of 4.10 million (+11.2% Y/Y) in FY24.
Price Action: HMC shares are trading lower by 1.87% at $31.27 on the last check Thursday.
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