Honda Motor Q1 Profit Down; Backs FY Outlook

(RTTNews) - Honda Motor Co., Ltd. (HMC) reported that net income attributable to the company for the fiscal first quarter ended June 30, 2013 totaled 122.4 billion yen or $1.243 billion, a decrease of 7.0% from the same period last year.

Basic net income per share for the quarter amounted to 67.97 yen or $0.69, down from 73.09 yen in the corresponding period last year.

Consolidated operating income for the quarter amounted to 184.9 billion yen or $1.876 billion, an increase of 5.1% from the same period last year, due primarily to favorable foreign currency effects, despite a decrease in sales volume and model mix and increased R&D expenses.

Consolidated net sales and other operating revenue for the quarter amounted to 2.834 trillion yen or $28.746 billion, an increase of 16.3% from the same period last year, due primarily to favorable foreign currency translation effects.

The Board of Directors of Honda Motor Co., Ltd., at its meeting held on July 31, 2013, resolved to make the quarterly dividend 20 yen per share of common stock, the record date of which is June 30, 2013. The total expected annual dividend per share of common stock for the fiscal year ending March 31, 2014, is 80 yen per share.

For fiscal 2014, the company still expects net income to be 580 billion yen, and net sales and operating revenue of 12.10 trillion yen.