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Floods Deliver a 3rd Quarter Setback for Honda

by on Feb.01, 2012

The newly-updated 2012 Honda CR-V will be critical to the maker's recovery.

Honda Motor Co. Ltd. reported a drop in revenue, operating and net income for the third fiscal quarter – largely due to flooding in Thailand and the rising value of the yen, which sharply raised the company’s overall manufacturing costs.

The Japanese automaker’s consolidated operating income for the fiscal third quarter ending December 31, 2011 dropped 64%, to 44.2 billion yen, or $578 million. Honda’s worldwide unit sales of automobiles dropped to 830,000 during the company’s fiscal third quarter, which ended on December 31, 2011.

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The third-quarter stumble was a significant disappointment for the maker, which had hoped to begin boosting production and rebuilding inventory after the setbacks that followed Japan’s devastating March 31 earthquake and tsunami.