Courtesy of Benzinga.
Honda Motor Co (NYSE: HMC) lowered its earnings outlook for the current fiscal year.
Honda now projects a net profit of 375 billion yen ($4.7 billion), versus its earlier forecast of Y470 billion. However, analysts were expecting a profit of Y491.7 billion.
It also lowered its global sales volume forecast to 4.12 million vehicles, versus its earlier forecast of 4.3 million vehicles.
In the three months ended September, Honda’s net profit surged 36% to Y82.23 billion, versus Y60.43 billion, in the year-ago period. However, analysts were expecting a profit of Y109.66 billion.
Its sales rose 20% to Y2.271 trillion from Y1.886 trillion, versus analysts’ estimates of Y2.417 billion.
Honda shares fell 2.62% to close at $31.58 on Friday.
