Honda Motor (HMC) is on the move this morning, after the company beat fiscal Q3 sales and profit estimates and raised its outlook for profit this year by 71%.
Q3 revenue fell 11.5% to $24.3 billion, beating the average $23.7 billion estimate, yielding profit per share of 81 cents, ahead of the average 67-cent estimate, hit by foreign exchange: With more favorable rates for the Japanese Yen, sales would have been down only 6%, the company said.
Revenue was down across all regions, including a 16.5% dip in the U.S. and 39% decline in Europe.
For the full year ending in March, the company expects sales to fall roughly 15% to $94 billion, as sales of automobiles fall year over year by 117,000 units to 3.4 million.
But through further cost cutting initiatives, the company expects to see net income almost double this year, at roughly $3 billion, the second time the company’s raised its profit outlook since October, as�the Financial Times’s Jonathan Soblein Tokyo points out.
After Toyota Motor (TM) yesterday said its sales in January fell 9% from December after only one week of its auto recall in effect, some are expecting Honda may pick up share this quarter and perhaps through the year.
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