Honda Motor reported a 23% increase in first quarter profit as it benefited from a weaker yen, higher pricing and growing hybrid vehicle sales in the US and its home market.
Reuters said quarterly operating profit totalled JPY484.7bn (US$3.3bn) in the April-June period, compared with an average estimate of JPY472.4bn in a poll of seven analysts by LSEG.
Go deeper with GlobalData
The company maintained its full year operating profit forecast of JPY1.42trn while slashing its sales outlook for China by 21% to 840,000 vehicles for that period.
Honda had said last week its global vehicle sales grew 2% to 1.9m over the first six months of the calendar year, due largely to a 9% rise in sales in the US, its top market.
In contrast, it faced heavy headwinds in China where it saw sales slump 23% to 416,000 vehicles, Reuters added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
