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Honda’s $79.8 million profit raises forecasts
Honda’s $79.8 million profit raises forecasts
Posted Wednesday, Jul 29, 2009, 1:14 pm in Employee News
Honda Motor Co. bucked expectations of losses in the first quarter, Wednesday posting a $79.8 million profit and raising forecasts for the full year on optimism auto sales will improve, the Associated Press reported.
The results for the April-June period were better than the flood of red ink some analysts had forecast though profit was still down 96 percent, battered by slumping car sales and a strong yen, which offset cost cuts, the AP said. Honda made a net profit of 173.3 billion yen in the same period of 2008, the story said.
The numbers show that Japan’s No. 2 automaker, reputed for ecological small cars including the Insight hybrid and the Accord sedan, is holding up better than its rivals during the global economic slump, the news service reported. Tokyo-based Honda raised its forecast for the full year through March 2010 to a 55 billion yen ($585.1 million) profit from 40 billion yen ($425.5 million), the story said. (Associated Press/Detroit News)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
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