Honda Motor Co.'s second-quarter net profit rose 23% from a year earlier thanks partly to increased North America earnings, it said Friday.
The Japanese automaker said net profit for the quarter ended Sept. 30 rose to 240.92 billion yen ($2.33 billion) from Y196.55 billion a year earlier. That beat the estimate of Y107.92 billion from a FactSet poll of analysts.
Revenue declined 2.1% to Y3.651 trillion.
Second-quarter operating profit for North America more than doubled to Y197.20 billion from Y76.28 billion, while its Japan operations posted a loss.
By business segments, operating profit for Honda's car business rose 67% to Y125.39 billion while that of its motorcycle business declined.
Honda raised its revenue and net-profit forecasts for the full year ending March 2021. It expects revenue to slide 13% to Y13.050 trillion compared with the previous forecast of a 14% fall, and expects net profit to decrease 14% to Y390.00 billion compared with the previously forecast 64% drop.
Honda expects group car sales of 4.6 million this fiscal year, up from its previous view of 4.5 million units. The company kept its fiscal-year motorcycle sales projection at 14.8 million.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
November 06, 2020 at 02:24PM
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Honda profit rises 23% on North America earnings - MarketWatch
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