Honda Motor Co.'s third-quarter net profit more than doubled, thanks to cost cuts and higher car sales in the U.S. and Japan, a sign of continued recovery from the slump caused by the Covid-19 pandemic.
The Japanese car maker Tuesday said that net profit for the quarter ended Dec. 31 rose to 284.05 billion yen ($2.70 billion) from Y116.43 billion net profit a year earlier. That beat a forecast of Y158.53 billion net profit in a FactSet poll of analysts.
Honda had reported losses in the early part of 2020 as the pandemic hit its sales.
Third-quarter revenue rose 0.6% to Y3.772 trillion.
Operating profit for its car business more than tripled to Y123.13 billion from Y33.71 billion a year earlier.
By geography, operating results improved for Japan, North America and Europe.
Honda trimmed its revenue projection but raised its net-profit forecast for the fiscal year ending March 31. Revenue is now expected to decline 13% to Y12.950 trillion, compared with the previous forecast of Y13.050 trillion revenue.
Net profit is forecast to rise 2.0% to Y465.00 billion, compared with the previous view of a 14% drop to Y390.00 billion.
Honda expects group car sales of 4.5 million units this fiscal year, down from the previous view of 4.6 million units.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
February 09, 2021 at 02:14PM
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