{"id":46726,"date":"2023-08-10T08:27:26","date_gmt":"2023-08-10T12:27:26","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/honda-posts-78-rise-in-q1-profit-on-u-s-sales-jump\/"},"modified":"2023-08-10T08:27:28","modified_gmt":"2023-08-10T12:27:28","slug":"honda-posts-78-rise-in-q1-profit-on-u-s-sales-jump","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46726","title":{"rendered":"Honda posts 78% rise in Q1 profit on U.S. sales jump"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A flag with the company logo flies outside the Honda Motor Co. plant in Yorii, Saitama prefecture, Japan, March 8, 2016. REUTERS\/Thomas Peter\/File Photo<\/span>
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TOKYO (Reuters) -Japan’s Honda Motor reported a 78% rise in quarterly profit on Wednesday, boosted by increased sales, especially in the North American market, and a weaker yen.<\/p>\n

Japan’s second-biggest automaker by sales said its operating profit totalled 394.4 billion yen ($2.76 billion) in the three months through June, handily beating the average 324.74 billion yen estimate in a poll of 10 analysts by Refinitiv.<\/p>\n

That compared with a 222.2 billion yen profit in the same period last year.<\/p>\n

Like other automakers, Honda said it benefited from strong sales to retail customers in the key U.S. market, posting a 44.7% year-on-year jump to 347,000 units, as the impact of post-pandemic disruptions in the supply of parts and chips eases.<\/p>\n

That contrasted sharply with a steep 5% drop in sales in China to 309,000 vehicles that Honda reported for the quarter, faced with growing local competition and a rapid shift to electric vehicles in the world’s biggest car market.<\/p>\n

Business conditions in China had grown worse for Honda compared to when it issued its forecast of selling 1.4 million vehicles for the full year, a Honda official said.<\/p>\n

“We’re still operating amid some restrictions from semiconductors,” the official said.<\/p>\n

“If we were to revise our sales forecast in China, we’ll want to move ahead with considering whether we can distribute parts to and manufacture more in other regions.” <\/p>\n

Honda maintained its forecast for a 1.0 trillion yen operating profit for the current year, lower than the 1.117 trillion yen average forecast from 22 analysts.<\/p>\n

The company will weigh the need for an update to its full-year outlook including the benefits it sees from a weakening yen when it announces second-quarter results around the start of November, the official added.<\/p>\n

($1 = 143.1200 yen)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A flag with the company logo flies outside the Honda Motor Co. plant in Yorii, Saitama prefecture, Japan, March 8, 2016. REUTERS\/Thomas Peter\/File Photo TOKYO (Reuters) -Japan’s Honda Motor reported a 78% rise in quarterly profit on Wednesday, boosted by increased sales, especially in the North American market, and a weaker […]<\/p>\n","protected":false},"author":1,"featured_media":2931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-46726","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nHonda posts 78% rise in Q1 profit on U.S. sales jump | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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