Honda posts 78% jump in Q1 operating profit

By Reuters   August 9, 2023 | 12:01 am PT
Honda posts 78% jump in Q1 operating profit
The Honda logo is displayed at the 44th Bangkok International Motor Show in Bangkok, Thailand, March 23, 2023. Photo by Reuters/Athit Perawongmetha
Japan's Honda Motor reported a 78% rise in quarterly profit on Wednesday, boosted by both increased sales, especially in the North American market, and a weaker yen.

Japan's second-biggest automaker by sales said operating profit totalled 394.4 billion yen ($2.76 billion) in the three months through June, handily beating the average 324.74 billion yen estimate in a poll of 10 analysts by Refinitiv.

That compared with a 222.2 billion yen profit in the same period last year.

Like other automakers, Honda said it benefited from strong sales in the key U.S. market as the impact of post-pandemic disruptions in the supply of parts and semiconductors eases.

Honda maintained its forecast for a 1.0 trillion yen operating profit for the current year, lower than the 1.117 trillion yen average forecast from 22 analysts.

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