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Honda lifts annual profit outlook after strong Q3

2024.02.08 01:48


© Reuters. FILE PHOTO: People are mirrored on a Honda Motor automobile exterior the corporate’s headquarters in Tokyo, Japan February 2, 2017. Picture taken February 2, 2017. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) -Japan’s Honda (NYSE:) Motor raised its full-year working profit forecast by 4.2% to 1.25 trillion yen ($8.4 billion) on Thursday, helped by strong gross sales within the United States, a extra worthwhile product combine and a weaker yen.

The new forecast compares with an earlier estimate of 1.2 trillion yen and a mean analyst forecast of 1.271 trillion yen, in keeping with LSEG knowledge.

For the October-December third quarter, working profit rose 35% to 379.8 billion yen, according to the common estimate of 371.6 billion yen in a ballot of 9 analysts by LSEG.

Honda mentioned final month its international gross sales grew 5.6% to just about 4.0 million autos in 2023, lifted by a 33% leap in gross sales within the United States and marking its first gross sales progress in its greatest market in eight years because the scarcity of high-tech chips abated.

In distinction, it noticed a ten% gross sales stoop in China to 1.2 million autos amid intense competitors from newer Chinese auto manufacturers.

Honda, a laggard within the shift to battery-powered electrical autos, unveiled plans final month to launch a brand new EV sequence from 2026, displaying off two idea EVs on the CES commerce present in Las Vegas.

($1 = 148.6100 yen)

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