Honda Q1 Net Income Declines; Sales Revenue Up 6.9%

Honda (HMC) reported first-quarter profit to owners of the parent of 149.2 billion yen, a year-on-year decrease of 32.9%. Earnings per share was 87.23 yen compared to 128.87 yen. The company said the decline was due primarily to a decrease in the share of profit of investments accounted for using the equity method in China. Operating profit was 222.2 billion yen, a year-on-year decrease of 8.6%.

Sales revenue was 3.83 trillion yen, a year-on-year increase of 6.9%. Motorcycle business sales revenue was 676.0 billion yen, a year-on-year increase of 30.5%. The company said the increase was due primarily to a sales increase in Asia and favorable currency effects. Automobile business sales revenue was 2.33 trillion yen, a year-on-year increase of 3.4%.

For fiscal 2023, the company now expects sales revenue of 16.75 trillion yen, an upward revision of the previously announced forecast by 500 billion yen. Profit for the fiscal year attributable to owners of the parent is projected to be 710 billion yen, no change from the prior forecast.

Further, Honda said it will acquire the company's own shares, with the maximum acquisition amount of 100 billion yen, with the purposes including improving efficiency of its capital structure and implementing a flexible capital strategy.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Factory Orders, Job Openings, and Labor Turnover Survey might be the major highlights on Tuesday. Fed speeches also will get attention. Early signs from the U.S. Futures Index suggest that Wall Street might open higher. Asian shares finished broadly up and European shares are progressing. As... North Korea fired a long-range ballistic missile over Japan, evoking international condemnation. The unprovoked surprise launch Tuesday morning did not cause any harm, and the missile fell into the Pacific Ocean, reports said. The missile reportedly covered 4,600 kilometers - a distance enough to target the American island of Guam in the Pacific. This marks Pyongyang's first missile launch over Hospitality company Hilton has teamed with connected fitness platform Peloton Interactive, Inc. to feature Peloton Bikes across its entire U.S. hotel portfolio. In an industry-first partnership, Hilton's nearly all 5,400 U.S. Hilton-branded hotels will feature at least one Peloton Bike in every fitness center by the end of the year.
Follow RTT