Hyperdrive
Honda Profit Rises to Record on Strong US Sales, Weak Yen
- Kept outlook unchanged due to volatility in forex market
- Strong two-wheeler demand in India, Brazil boosted profit
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Honda Motor Co.’s operating profit rose to an all-time high in the first quarter as strong sales in the US overcame a slowdown in China, putting Japan’s second largest automaker in line for another year of record profit.
Honda’s profit in the three-month period through June rose 23% year on year to ¥484.7 billion ($3.3 billion), beating analysts’ estimate of ¥442 billion, thanks to steady demand for cars in the US and strong two-wheeler sales in India and Brazil. The company also cited a weak yen as a contributing factor to its strong results.