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.

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