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Honda Motor Q2 Results Down, Cuts FY22 Outlook; Stock Down

Japanese automaker Honda Motor Co. Ltd. (HMC) reported Friday that its second-quarter profit attributable to owners of the parent decreased 30.8 percent to 166.60 billion yen from 240.92 billion yen last year.

Earnings per share amounted to 96.56 yen, down from 139.53 yen a year ago.

Operating profit decreased 29.7 percent to 198.99 billion yen from 282.96 billion yen last year, due mainly to decreased sales revenue and model mix.

Consolidated sales revenue fell 6.8 percent to 3.40 trillion yen from 3.65 trillion yen last year, due mainly to decreased sales revenue in Automobile business operations.

Looking ahead for the fiscal year ending March 31, 2022, the company now expects attributable profit of 555 billion yen or 322.69 per share, operating profit of 660 billion yen, and sales revenue of 14.60 trillion yen.

The company previously expected attributable profit of 670.0 billion yen, operating profit of 780 billion yen, and sales revenue of 15.45 trillion yen.

The revised outlook reflects a decline of 15.6 percent in attributable profit, while operating income would be flat, and sales revenue would be up 10.9 percent.

Honda said it is expecting that the external business environment will remain challenging during this fiscal year due primarily to the resurgence of COVID-19, the supply shortage of certain parts including semiconductors and an increase in raw material prices.

Further, the company announced interim dividend of 55 yen per share, and the total expected annual dividend per share for the fiscal year 2022 of 110 yen per share.

In Japan, Honda Motor shares were trading at 3,409 yen, up 3.10 percent.

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