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Honda Reports Record Q1 Profit Spurred by New Market Growth - Up 2%
(Midnight Trader Via Acquire Media NewsEdge) Boston, Jul 25, 2008 (MidnightTrader via COMTEX News Network) --
Honda Motor (HMC) reported record Q1 profit of 179.6 billion yen ($1.68 billion), up 8.1%. The FC mean was for 131.3 billion yen ($1.2 billion).
Sales for the quarter fell 2.2% from a year ago to 2.87 trillion yen ($26.79 billion), largely because the rising yen eroded the value of overseas earnings.
Honda sold more vehicles worldwide than in any other Q1 at 962,000 vehicles, up 1.7%.
Honda was the only automaker to record better US sales in June.
Honda lowered its vehicle sales forecast for the fiscal year through March 2009 to an increase of 3.9% to 4.08 million vehicles vs the previous 4.14 million.
It maintained its outlook for a profit decline of 18.3% to 490 billion yen ($4.58 billion) for FY on sales growth of 1.1% to 12.13 trillion yen ($113.36 billion).
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