Published on Wednesday, February 03, 2010
By Daily Breeze Staff Writer
TOKYO - Honda's quarterly profit soared sixfold on cost cuts and strong sales of green vehicles, boosting the Japanese automaker's full year forecast as the global car market gradually recovers.
Tokyo-based Honda Motor Co. said Wednesday it booked net profit of 134.6 billion yen ($1.49 billion) for the October-December quarter and predicted its first increase in full year profit in two years, underlining a recovery in world auto sales.
The results were better than the 74 billion yen ($818 million) profit forecast by analysts surveyed by Thomson Reuters.
Honda's U.S. headquarters is in Torrance.
The Japanese automaker, known for the Insight hybrid, Accord sedan and Odyssey minivan, reported an 11.5 percent drop in sales for the quarter at 2.24 trillion yen ($24.8 billion), partly because of the strong yen.
Honda has weathered the auto slump better than some of its bigger rivals because of its strength in emerging markets and its solid motorcycle division
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