Honda Motor Co., Ltd. (HMC:NYSE) announced its consolidated financial results for the fiscal first quarter ended June 30, 2024

Rhea-AI Summary

Honda Motor Co., (HMC:NYSE) reported strong financial results for Q1 FY2024 ended June 30. The company saw increased global sales volume in its motorcycle business, particularly in India and Brazil. The automobile business also performed well, with strong sales of hybrid models and improved pricing contributing to increased profits in both segments compared to the previous year. Honda achieved an operating profit of 484.7 billion yen with an operating margin of 9.0%.

For the full fiscal year ending March 31, 2025, Honda revised its auto sales forecast for China downward by 220,000 units but maintained its previous projections for operating profit, operating margin, and net profit. The company also announced initiatives to strengthen corporate governance, including unwinding cross-shareholdings and enhancing management discipline.

Positive

• Operating profit increased to 484.7 billion yen with a 9.0% operating margin
• Global motorcycle sales volume increased, particularly in India and Brazil
• Automobile business showed strong performance, especially in hybrid model sales
• Improved pricing strategy led to increased profits in both motorcycle and automobile segments

Negative

• Downward revision of auto sales forecast for China by 220,000 units

TOKYO, Aug. 7, 2024 /PRNewswire/ -- Honda Motor Co., Ltd. today announced its consolidated financial results for the fiscal first quarter ended June 30, 2024.

Q1 Ended June 30, 2024 Financial Results

• In motorcycle business operations, global sales volume increased, mainly in India and Brazil.
• Automobile business operations were robust as well. In addition to strong sales of hybrid models, the positive effect of pricing commensurate with improvement in product value led to increased profits in each of these business areas compared to the same period last year.
• Total Profit: Operating Profit 484.7 billion yen / Operating Margin 9.0%

FYE March 31, 2025 Financial Forecast

• We have revised auto sales units for China downward by 220,000 units.
• Operating profit, operating margin and net profit attributable to the owners of the parent company remain unchanged from our previous forecast*.
  
  *Previous forecast: announced on May 10^th

Initiatives to further strengthen corporate governance

Honda strives to unwind cross-shareholdings at an early point, and further enhance the management discipline.

Step 1   ：	Conducted the secondary offering for Honda shares held by non-life insurance companies  and banks.
Step 2   ：	Conducted the sale of shares, held by Honda, of non-life insurance companies and banks.

Honda's financial results can be accessed from following web site address.
https://global.honda/en/investors/library/documents.html

SOURCE: Honda Motor Co., Ltd

 

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SOURCE Honda Motor Co., Ltd.

FAQ

What was Honda's (HMC) operating profit for Q1 FY2024?

Honda's operating profit for Q1 FY2024 ended June 30, 2024, was 484.7 billion yen with an operating margin of 9.0%.

How did Honda's (HMC) motorcycle business perform in Q1 FY2024?

Honda's motorcycle business saw increased global sales volume in Q1 FY2024, particularly in India and Brazil.

Has Honda (HMC) revised its financial forecast for FY2025?

Honda revised its auto sales forecast for China downward by 220,000 units but maintained its previous projections for operating profit, operating margin, and net profit for FY2025.

What initiatives is Honda (HMC) taking to strengthen corporate governance?

Honda is unwinding cross-shareholdings and enhancing management discipline, including conducting secondary offerings of Honda shares held by non-life insurance companies and banks, and selling shares of these companies held by Honda.