Honda Motor Reports Higher Quarterly Profit Despite Weak Car Sales in China
By Kosaku Narioka
Honda Motor reported a rise in first-quarter net profit, thanks to stronger earnings from its car and motorcycle businesses despite weak car sales in China.
The Japanese automaker said Wednesday that net profit increased 8.7% from a year earlier to 394.66 billion yen, equivalent to $2.73 billion, for the three months ended June. That beat the estimate of Y338.90 billion in a poll of analysts by data provider Quick.
Honda said product-price increases and a weaker yen contributed to its earnings growth.
First-quarter revenue climbed 17% to Y5.405 trillion.
Honda maintained its revenue and net profit forecasts for the fiscal year ending March 2025.
A weak yen tends to increase the earnings of Japanese companies like Honda, as it makes exports more competitive overseas and boosts the value of profits earned abroad in yen terms.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
August 07, 2024 03:06 ET (07:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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