Honda Books $1.7B Profit, Ups Outlook

Honda said second-quarter profit more than doubled and it boosted its profit outlook for the fiscal year.
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Honda

(HMC) - Get Report

said second-quarter profit more than doubled and it boosted its profit outlook for the fiscal year.

Honda earned 135.93 billion yen ($1.68 billion) in its fiscal second quarter compared with 54 billion yen a year earlier.

The car and motorcycle maker raised its profit forecast for the year ending in March 2011 to 500 billion yen from its previous forecast of 455 billion yen, and up 86.3% from a year earlier. Honda put fiscal 2011 sales at 9 trillion yen.

Honda said second-quarter revenue rose 9.5% to 2.252 trillion yen on increased sales in its automobile business despite a stronger yen. Honda said revenue would have risen 14.4% had the yen's exchange rate been similar to a year earlier.

Honda said it sold 898,000 vehicles during the quarter worldwide, up 7.2%. Motorcycle sales rose 13.4%.

Honda said it expects to sell 3.615 million vehicles for the year through March 2011, up almost 7% from a year earlier but lower than its previous projections.

-- Written by Joseph Woelfel

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