Consolidated sales revenue for the quarter amounted to 3.713 trillion yen or $33.153 billion, an increase of 7.0% from the same period past year, due primarily to increased revenue in financial services business and motorcycle business operations as well as favorable foreign currency translation effects.
Honda Motor posted a 0.9 per cent rise in operating profit for the first quarter as strong Asian sales of cars and motorcycles helped offset a slide in North American demand, while a positive currency impact also aided the bottom line.
The Japanese automaker, however, expects weakness to persist in the North American auto market and kept its forecast for a 2.5 percent drop in its annual sales in the region. China represented close to 65% of all sales in Asia for the automaker.
For the fiscal year 2018, the company now expects attributable profit of 545 billion yen, or 302.39 yen per share, and sales revenue of 14.50 trillion yen.
(NYSE:NRZ) Sends Strong Signals on Technical Charts
As of the end of the quarter Silver Capital Management LLC had sold a total of 1,115 shares trimming its holdings by 3.2%. Argent Capital Management Ltd Limited Liability Company invested 0.1% in New Residential Investment Corp (NYSE:NRZ).
For the year to March, Honda now expects an operating profit of 725 billion yen ($6.57 billion), versus 705 billion yen forecast earlier, based on the US dollar averaging around 107 yen JPY= instead of 105 yen as expected previously.
A weaker yen makes exports out of Japan cheaper and increases the value of proceeds from overseas when converted back to yen.
Honda's sedans have not been selling in North America like in the past and the automaker has been increasing its SUV production to maintain the shift in SUV demand along with other larger vehicles.
Honda's North America operating profit was down from 40.6% during the first quarter largely because of higher incentives to clear out inventory of its older Accords.
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