Honda Q2 Profit Down, But Raises FY Outlook

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(RTTNews.com) – Japanese automaker Honda Motor Co. Ltd. ( HMC ) reported that its profit attributable to owners of the parent for the second quarter ended September 30, 2017 was 174.0 billion yen or $1.544 billion, a decrease of 1.7% from the same period last year. Earnings per share attributable decreased to 96.55 yen or $0.86 from 98.26 yen in the previous year.

Consolidated operating profit for the quarter was 152.9 billion yen or $1.357 billion, a decrease of 32.9% from the same period last year, due primarily to the loss related to the settlement of multi-district clbad action litigation and the reverse effect from the impact of pension plan amendments in the previous fiscal year, despite an increase in sales volume and model mix and decreased SG&A expenses.

Consolidated sales revenue for the quarter amounted to 3.776 trillion yen or $33.50 billion, an increase of 15.7% from the same period last year, due primarily to increased revenue in all business operations as well as favorable foreign currency translation effects.

For the fiscal year ending March 31, 2018, the company now expects attributable profit of 585 billion yen, or 326.26 yen per share, and sales revenue of 15.05 trillion yen. Previously, the company projected attributable profit of 545 billion yen, or 302.39 yen per share, and sales revenue of 14.50 trillion yen.

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