Weak yen helps Honda beat forecasts

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1 年前

STORY: A weak yen helped Honda beat forecasts in the first quarter.

The Japanese automaker said Wednesday (August 10) that operating profit fell 9% to about $1.65 billion.

That was comfortably ahead of analyst expectations.

Over the period it was battered by rising prices for parts and the global shortage of computer chips.

Fresh lockdowns in China also hit the supply of some components.

At one point, Honda was forced to slash output at domestic factories by up to 50% as a result of all the headwinds.

It has said production at those plants would return to normal in August.

The firm was also rescued by the sliding Japanese yen.

That boosted earnings from overseas sales.

Honda has now lifted its operating profit forecast for the year.

Shares in the firm were up around 1% on Wednesday.