Honda Motor Co., Ltd. (HMC:NYSE) announced its Consolidated Financial Summary for the Fiscal 1st Quarter Ended June 30, 2022 and Forecasts for the Fiscal Year Ending March 31, 2023

TOKYO, Aug. 10, 2022 /PRNewswire/ --

• Despite some unfavorable factors such as a decrease in automobile unit sales due to the semiconductor supply shortage and the lockdown of Shanghai, and an increase in the cost of raw materials, consolidated operating profit for the fiscal first quarter ended June 30, 2022, amounted to 222.2 billion yen (a year-on-year decrease by 20.9 billion yen), securing operating profit margin equivalent to that of the same period last year. This was due primarily to the effect of changes in sales prices and costs, a reduction of incentives and favorable currency effects.
• Consolidated profit for the fiscal first quarter attributable to owners of the parent amounted to 149.2 billion yen (a year-on-year decrease by 73.2 billion yen), due primarily to a decrease in the share of profit of investments accounted for using the equity method in China.
• The previously announced forecast for consolidated operating profit for the current fiscal year (April 1, 2022 through March 31, 2023) was revised upward by 20 billion yen to 830 billion yen. The previously announced forecast for profit for the fiscal year attributable to owners of the parent remains the same, 710 billion yen.
• Honda will acquire its own shares, with the maximum acquisition amount of 100 billion yen, with the purposes including improving efficiency of its capital structure and implementing a flexible capital strategy.

I.  Consolidated financial summary and business-by-business results for the fiscal first quarter (3 months) ended June 30, 2022

• Sales revenue: 3,829.5 billion yen (a year-on-year increase of 6.9%)
  Although automobile sales decreased, consolidated sales revenue experienced a year-on-year increase due primarily to an increase in motorcycle sales and favorable currency effects.
• Operating profit: 222.2 billion yen(a year-on-year decrease of 8.6%)
• Profit for the period attributable to owners of the parent: 149.2 billion yen (a year-on-year decrease of 32.9%)

1)  Motorcycle business

Sales revenue: 676.0 billion yen (a year-on-year increase of 30.5%)
Increase due primarily to a sales increase in Asia and favorable currency effects.

Operating profit: 97.8 billion yen (a year-on-year increase of 21.2%)
Increase due primarily to an increase in profit related to changes in sales prices and costs and favorable currency effects. 

2)  Automobile business

Sales revenue: 2,328.1 billion yen(a year-on-year increase of 3.4%)
Although sales decreased mainly in North America, sales revenue experienced a year-on-year increase due primarily to favorable currency effects.

Operating profit: 38.2 billion yen (a year-on-year decrease of 45.9%)
Decrease due primarily to a decrease in profit attributable to sales impacts.
Combined with operating profit from financial services business related to automobile sales, the estimated operating profit for automobile business is 113.9 billion yen.

3)  Financial Services business
Operating profit: 78.8 billion yen (a year-on-year decrease of 14.5%)
Decrease due primarily to a decrease in profit due to lower revenue.

4)  Power Product and Other businesses
Operating profit: 7.3 billion yen(a year-on-year increase of 7.7 billion yen)
Aircraft/aircraft engine business, which is included in "Other businesses," accounted for an operating loss of 3.8 billion yen.

II.  Forecasts for the Fiscal Year Ending March 31, 2023 (FY23) 

• Sales revenue: 16,750 billion yen
  (upward revision of the previously announced forecast by 500 billion yen)

• Operating profit: 830 billion yen
  (upward revision of the previously announced forecast by 20 billion yen)

• Profit for the fiscal year attributable to owners of the parent: 710 billion yen
  (no change from the previously announced forecast)

III.  Acquisition of the Company's Own Shares

For the purpose of improving efficiency of its capital structure and implementing a flexible capital strategy, among others, Honda resolved the following details regarding the acquisition of its own shares at the Board of Directors meeting held today.

Consolidated Financial Results for the Fiscal 1st Quarter ended June 30, 2022

Forecasts for the Fiscal Year Ending March 31, 2023 (FY23)

For Additional Information, please visit;
https://global.honda/investors/library/financialresult.html

SOURCE: Honda Motor Co., Ltd

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SOURCE Honda Motor Co., Ltd.