Honda experiences growth in US sales during Q3, yet global decreases harm earnings

Honda Reports Strong Sales in U.S., Forecasts Lower Vehicle Sales for 2023

Japanese automaker Honda has reported a significant increase in sales revenue for the first nine months of its fiscal year ending March 31, 2023. American Honda Motor Co. announced a 8.9% increase in sales revenue to 1.63 trillion yen ($10.7 billion), according to a recent report.

The company's strong sales in the U.S. helped offset the impact on its profit margins, as global vehicle sales decreased by 297,000 units year-over-year. Honda sold 1,271,000 vehicles in the U.S. during the nine month period, representing a 13.3% year-over-year increase of 60,000 units.

However, the company's sales forecast for the full year has been revised downwards. Honda lowered its full year automotive sales forecast by 50,000 units from 3.8 million to 3.75 million. The company forecasts sales of 10,000 fewer vehicles in Europe and 40,000 fewer vehicles in Japan for the full year. The U.S. sales forecast of 1,675,000 vehicles for the full year remains unchanged for Honda.

The decline in sales, particularly in the Asia market, has contributed to a decline in Honda's automotive operating margin. The operating margin declined from 4.6% to 3.7% primarily due to sales declines in the Asia market. Honda's margins declined by 3.1% year-over-year across all its global business units. Despite this, Honda's operating profit reached $7.5 billion in the first nine months of its fiscal year, an increase of 5.9%.

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Despite the challenges, Honda's consolidated business forecast remains unchanged, with a net profit target of 950 billion yen and an operating profit target of 1.4 trillion yen. The company's automotive sales revenue growth has helped the company's revenue grow by 7.7% for the first nine months of its fiscal year.

Honda's motorcycle division also contributed to its strong sales during the period. However, further details about the performance of Honda's motorcycle division were not provided in the article.

In conclusion, Honda has reported a strong performance in the U.S. market, with significant increases in sales revenue and vehicle sales. However, the company's sales forecast for the full year has been revised downwards due to declines in sales in the Asia market. The company's consolidated business forecast remains unchanged, with a net profit target of 950 billion yen and an operating profit target of 1.4 trillion yen.

Honda experiences growth in US sales during Q3, yet global decreases harm earnings