Japan's Honda Motor third quarter profit plummets 40.2 percent, missing estimates

  • Honda Motor reported a 40.2 percent drop in third-quarter operating profit on Friday, despite higher vehicle sales during the period.
  • Japan's third-largest automaker posted profit of 170.1 billion yen for October-December, which missed market expectations of 208.8 billion yen.

Honda Motor 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.