Honda Profits More Than Double in Fiscal Second Quarter to $ 1.7 Billion

Automobile Staff
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Worldwide profits at Honda in the fiscal second quarter have more than doubled over the identical period in 2009.

With a net income of 135.9 billion yen (about $ 1.7 billion U.S.) in the period from July to September, Honda far surpassed its performance last year with a net income of 54.0 billion yen (about $670 million U.S.).

Keeping in mind the positive results, Honda has upped its forecast for profits through the end of March 2011 by 45 billion yen (about $559 million U.S.), citing increased motorcycle business in Asia, improved model mix in North America, cost reduction, and income from financial business despite unfavorable exchange rates of the yen against the U.S. dollar.

Through the first half of the fiscal year - April to the end of September 2010 - vehicle sales were up to nearly 1.8 million units compared to 1.6 million units during the same period of 2009. U.S. vehicle sales have held steady for Honda so far this year, with sales up 3.7 percent through the first nine months of the year on the strength of models like the Accord, Civic, and CR-V.

Source: Honda

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