Honda's FQ3 profit surges

Honda's (HMC) FQ3 net profit more than doubled on year to ¥160.7B ($1.6B) but slightly missed consensus of ¥165.25B. The weak yen and strong growth in Japan and North America helped outweigh the impact of investments in new plants.

Revenue climbed 24.5% to ¥3.021T, with volumes increasing 9.7% to 1.08M vehicles.

Operating profit ¥228.6B vs forecasts of ¥220.4B.

Operating profit breakdown: Japan +46% to ¥59.3B; North America ¥131.1B vs ¥70.89B a year earlier; Asian markets excluding Japan +23% to ¥50B; Europe's loss widened to ¥8.7B.

China sales doubled in FQ3; expects sales to grow at least 19% to over 900,000 vehicles in 2014; forecasts that U.S. volumes will increase 5% to a record 1.6M cars.

Honda reduced its full-year sales outlook for vehicles and motorcycles by around 1%, saying it now expects to ship 4.385M automobiles and 17.32M bikes.

However, Honda maintained its FY guidance that net profit would jump 58% to ¥580B and that revenue would increase 22% to ¥12.1T. (PR)

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