Honda doubles profit forecast, boosted by China rebound

In this news, we discuss the Honda doubles profit forecast, boosted by China rebound.

TOKYO (Reuters) – Honda Motor Co 7267.T more than doubled its full-year operating profit guidance on Friday, reporting 28% second-quarter profit growth amid a rebound in China after auto sales have been crushed by the impact of the coronavirus pandemic.

Japan’s third-largest automaker said it now expects full-year operating profit of 420 billion yen ($ 4.06 billion) compared to a previous forecast of 200 billion yen profit .

That was well above an average estimate of a profit of 254.6 billion yen compiled from 19 analysts polled by Refinitiv.

For the second quarter, operating profit was 283 billion yen, up from 220 billion yen in the same period a year earlier.

(1 USD = 103.5400 yen)

Reporting by Tim Kelly; Edited by Kenneth Maxwell

Original © Thomson Reuters

Originally posted 2020-11-05 22:26:10.

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