Honda’s Profit Slips; Full-Year Forecast Up
From Associated Press
Honda Motor Co.’s profit slipped 5.4% in its fiscal first quarter, but the Japanese automaker raised its earnings forecast for the full year.
Honda said its group profit totaled $854 million for the period ended June 30. An unfavorable currency rate helped push down sales 3.7% to $16.8 billion.
Without the yen’s rise, Honda sales would have jumped 8.2%. A rise in advertising, administrative and other expenses also offset improved revenue, it said.
But Honda raised its earnings forecast to $3.8 billion for the year, counting on a weaker yen in the months ahead. Honda reaffirmed its sales forecast of $69.6 billion, up 4.1%.
Shares of Honda fell 39 cents to $19.82 on the NYSE.
From Associated Press
