Honda Motor (7267.T) said the impact of U.S. steel and aluminum import tariffs on its bottom line had so far been limited, as it posted a surprise jump in quarterly profits to their highest in more than a decade on improving North American sales.
The automaker also forecast a less than previously expected drop in annual operating profit and, while it lowered its global vehicle sales view given floods in Mexico are expected to drag on output, the number is still expected to be a record high.
The promising results and earnings outlook from Japan’s No.3 automaker stands in stark contrast to the dull forecasts from several major automakers hurt by rising raw material costs. A possible hike in U.S. tariffs on imported cars is further muddying projections for the sector globally.
via Reuters
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Alfonso Esparza