Honda Posts $774M Quarterly Profit, Forecasts Big Gains for Fiscal Year

Honda Posts $774M Quarterly Profit, Forecasts Big Gains for Fiscal Year

Strong demand in emerging markets like India and China, as well as a recovering U.S. economy helped Honda post a quarterly profit of $774 million. The Japanese automaker reported a 28 percent increase in sales, to $24.5 billion. Honda is forecasting a $3.7 billion profit through the coming fiscal year (which ends March 31, 2011), and sales of $100.4 billion, a 9 percent jump.

The strong results come days after Honda’s CEO admitted that the company had become “complacent”. However, strong demand for small, energy efficient models like the Fit and the upcoming CR-Z hybrid sports car helped the company back into the black. Honda’s motorcycle division also reported strong sales, adding to the company’s fortune.

[Source: Detroit News]

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