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Honda sees full-year profit rising 2.8%

Honda sees full-year profit rising 2.8%

TOKYO (Reuters) – Japan’s Honda Motor Co forecast a 2.8% rise in operating profit for this financial year, after it exceeded analysts’ estimates in the fourth quarter as strong sales growth in the United States offset a decline in China.

Japan’s second-largest automaker by volume forecast full-year operating profit would rise to 1.42 trillion yen ($9.13 billion) compared with an average profit estimate of 1.39 trillion yen in a poll of 22 analysts by LSEG.

Operating profit for the three months to March 31 grew more than six-fold from a year earlier to 305.6 billion yen, well ahead of the 248.3 billion yen average expected by nine analysts.

The automaker posted a 17% sales rise in its biggest overseas market, the U.S., to about 378,000 vehicles over that period. However, its sales in China fell by more than 6% in January-March to about 207,000 vehicles.

In China, the world’s biggest auto market, Honda is among Japanese car brands that have struggled against more nimble and faster-moving local rivals that have attracted Chinese drivers with low-cost, technology-loaded electric vehicles.

Honda, which remains a latecomer to EVs, said last month it plans to build an EV production base in Ontario, Canada and launch six EV models branded Ye in China by 2027.

($1 = 155.5500 yen)

 

(Reporting by Daniel Leussink; Editing by Sonali Paul)

 

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