AUTONEWS

Honda records a 78 percent increase in operating profit in the first quarter

Japan’s Honda reported a 78 percent rise in quarterly profit, boosted by increased sales, particularly in the North American market, and a weaker yen.

Japan’s second-biggest carmaker by sales said operating profit was 394.4 billion yen ($3.7 billion) through June, easily beating the average estimate of 324.74 billion yen in a Refinitiv poll, Reuters reports.

That’s a significant increase compared to a profit of ¥222.2 billion in the same period last year.

Like other automakers, Honda said it benefited from strong sales in the U.S. market, which is key as the supply situation for parts and semiconductors stabilized after the pandemic ended.

Honda maintained its operating profit forecast for the current year (one trillion yen), which was lower than the average analyst forecast of 1.117 trillion yen.