Despite a sales decline in its largest market, North America, Honda posted a $1.94 billion (198 billion yen) operating profit last quarter by cutting costs and expanding sales in other markets, particularly Asia.
The company’s net income jumped 20% while its sales rose just 5%, the company reported. Honda benefitted from the final push of vehicles on back order due to a rush of sales that came before a sales tax hike on April 1.
Sales in North America, which accounts for about half of Honda’s revenue, fell nearly 1% through the first six months of the year and 6% for the second quarter of the calendar year, which is the maker’s first quarter. (more…)