Honda Motor Expects Annual Profit Fall, Announces Share Buyback
By Kosaku Narioka
Honda Motor projected a drop in fiscal-year net profit on lower revenue and announced a share buyback.
The Japanese automaker said Friday that it expects net profit to decline 9.7% to 1.000 trillion yen ($6.43 billion) and revenue to fall 0.6% to Y20.300 trillion for the year that began in April.
For the year ended March, net profit climbed 70% as revenue rose 21%.
Honda said it will buy back up to Y300.0 billion of its shares by the end of March 2025. The company may repurchase up to 3.7% of its outstanding shares, it said.
Earlier this week, rival Toyota Motor projected a drop in net profit for the new fiscal year, partly because of higher material and labor costs and research and development expenses. Nissan Motor also forecast lower annual net profit despite projected sales growth, citing heightened competition and high inflation.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
May 10, 2024 02:52 ET (06:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Do Stock Splits Really Matter?
-
5 Hot Stocks to Sell Before They Report Earnings
-
Q3 2024: Market Insights on Stocks, Bonds, and the Economy
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
Markets Brief: Politics Make a Comeback
-
Pimco’s Ivascyn: Why Investors Should Switch Their 60/40 Portfolio to 40/60
-
What’s Happening in the Markets This Week
-
Is Intel Stock a Buy After Its Big Selloff?
-
PNC Earnings: Net Interest Income Holds Up Relatively Well
-
Charles Schwab Earnings: Despite Sequential Decline, We Still Believe in Medium-Term Growth Story
-
Bank of America Earnings: Encouraging NII Guidance and Expense Control Should Boost Profitability
-
UnitedHealth Earnings: Solid Performance, Outlook Maintained Despite Challenges
-
The Best REITs to Buy
-
2 of the Best Undervalued Stocks to Buy in a Top-Performing Sector
-
BlackRock Earnings: Market Gains Offset Slightly Weaker Inflows as Firm Hits Record AUM
-
Citigroup Earnings: Continued Expense Diligence Will Be Key for Turnaround Efforts