Honda Cuts Guidance After Cost Cuts Boost Profit
Honda Motor (NYSE: HMC) said that its operating profit in the quarter that ended Sept. 30 rose 2.6% from a year ago, to 220 billion yen ($2.04 billion), as aggressive cost-cutting and strong results in Japan and China helped offset weakness elsewhere.
But Honda sharply reduced its guidance for the full fiscal year that will end on Mar. 31, 2020, on concerns about a stronger yen and slowing sales in India and North America.
Like many Japanese companies, Honda uses a fiscal year that runs from Apr. 1 through Mar. 31. The quarter that ended on Sept. 30, 2019, was the second quarter of Honda's 2020 fiscal year.
Source Fool.com
