Technology Japan’s Honda Motor third-quarter profit drops 40.2 percent, misses estimates

Japan’s Honda Motor third-quarter profit drops 40.2 percent, misses estimates

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Japan’s Honda Motor third-quarter profit drops 40.2 percent, misses estimates

Honda Motor Co Ltd on Friday reported a 40.2 percent drop in third-quarter operating profit despite posting higher vehicle sales during the period, missing market expectations.

Japan’s third-biggest automaker posted profit of 170.1 billion yen ($1.56 billion) for October-December, from 284.5 billion yen in the same period a year earlier.

The result compared with the 208.8 billion yen median of 10 analyst estimates compiled by Refinitiv.

Honda kept its full-year profit forecast at 790 billion yen, although it now assumes that the domestic currency will trade around 111 yen to the U.S. dollar through March 31, from a previous forecast for 110 yen.

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