By Kosaku Narioka
Honda Motor Co. said Wednesday that its second-quarter net profit rose 14%, thanks to stronger earnings from its motorcycle business.
The Japanese auto maker (7267.TO) said net profit for the quarter ended Sept. 30 rose to 189.295 billion yen ($1.30 billion) from Y166.70 billion a year earlier. The result missed the Y205.49 billion estimate from a poll of analysts by Quick.
Second-quarter revenue increased 25% to Y4.256 trillion.
Operating profit for its motorcycle business was Y126.95 billion, up from Y67.44 billion.
Honda raised its revenue and net profit forecasts for the fiscal year ending March, citing a weaker yen. It said it expects revenue to increase 20% to Y17.400 trillion, compared with the previous forecast of a 15% rise, and it expects net profit to rise 2.5% to Y725.00 billion, compared with the previous view of a 0.4% increase.
Honda lowered its projections for car and motorcycle sales for the fiscal year.
It said it expects group car sales of 4.1 million units, compared with its previous projection of 4.2 million units, amid a shortage of semiconductors. It said it expects group motorcycle sales of 18.43 million units, compared with its previous view of 18.56 million units.
Write to Kosaku Narioka at email@example.com
(END) Dow Jones Newswires
November 09, 2022 01:51 ET (06:51 GMT)
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