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Strong sales in the U.S and a weak yen have helped the company to beat initial estimates and counter balance the impact of higher-quality costs.
As for many Japanese companies, Honda’s fiscal year starts on April 1st. It has reported a JYN 186 billion (about US$1.50 billion) profit for the first quarter of 2015, a 19.6% increase from the same period in 2014. Sales are up 15.5% for the period. Rising sales of SUVs in North America and Asia, particularly China, offset the slow demand in Europe and Japan.
It expects to sell 4.7 million vehicles worldwide for the fiscal year, up from almost 4.4 million vehicles for the previous fiscal year, which ended March 2015.
These figures are positive for Honda as they had lowered earnings for the previous fiscal year, due to the continuous recalls of defective airbags supplied by the Japanese Takata Corporation. Takata had recalled around 57 million bag inflators worldwide, which can explode with too much force sending metal fragments to passengers inside the car.
A weakening yen has helped the Japanese exporters become more competitive overseas and inflate their repatriated profits.
Honda’s share price rose over 3% in early trading on the New York Stock Exchange after the news was announced last Friday (July 31).
Sources: Dispatch Times