Honda beats expectations with 40 pct operating profit jump for Q2
TOKYO, Oct 30 (Reuters) - Honda Motor Co reportedon Tuesday a 40.2 percent jump in second-quarter operatingprofit due to higher motorcycle sales in Asia and costreductions, and as the year-ago earnings were hurt by pensionaccounting changes and litigation settlements.
Japan's No. 3 automaker posted a 214.4 billion yen ($1.90billion) operating profit for July-September, up from 152.9billion yen a year ago and higher than the average estimate of164.4 billion yen in a poll of 10 analysts, according toRefinitiv data.
A year ago, operating profit had tumbled 32.9 percent,largely due to the impact of pension accounting changes andlitigation settlements.
Honda upgraded its forecast for full-year operating profitto 790 billion yen from a previous outlook of 710 billion yen,based on a revised assumption that the yen will trade around 110yen to the U.S. dollar.
That was in line with the 792 billion yen average forecastof 22 analysts, according to Refinitiv data.
($1 = 112.6800 yen)
(Reporting by Naomi Tajitsu; Editing by MuralikumarAnantharaman)
Messaging: naomi.tajitsu.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |