FILE - In this March 10, 2016 file photo, Honda Motor Co. President and Chief Executive Takahiro Hachigo speaks during a press conference at the automaker's headquarters in Tokyo. Honda is reporting a better-than-expected 174.6 billion yen profit ($1.7 billion) for the fiscal first quarter as it gradually recovers from plant damage caused by a quake in southwestern Japan. Analysts surveyed by FactSet had forecast at 133 billion yen ($1.3 billion) quarterly profit. The April-June 2016 profit fell 6 percent from a year ago, when the Japanese automaker earned 186 billion yen. Earlier this year, Honda sank into losses over a massive air-bag recall at its supplier Takata. (AP Photo/Shizuo Kambayashi, File) (The Associated Press)
TOKYO – Honda Motor Co. is reporting a better-than-expected 174.6 billion yen profit ($1.7 billion) for the fiscal first quarter as it gradually recovers from damage caused by a quake in southwestern Japan.
Analysts surveyed by FactSet had forecast at 133 billion yen ($1.3 billion) quarterly profit.
Honda said Tuesday that April-June profit fell 6 percent from a year ago, when the Japanese automaker earned 186 billion yen. Earlier this year, Honda posted losses over a massive air-bag recall at its supplier Takata.
A strong yen is hurting its results.
Tokyo-based Honda, which makes the Accord sedan and Asimo robot, kept its full year forecasts unchanged at 390 billion yen ($3.8 billion) in profit, up 13 percent from the previous year.
The twin earthquakes in Kumamoto in April damaged Honda's motorcycle plant.
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