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Honda Earnings Slide Despite Global Sales Increase

Mazda, meanwhile, surges back into the black.

by on Jul.31, 2013

Despite strong U.S. sales of models like the new Accord, Honda's bottom line results disappointed analysts and investors.

Honda’s bottom line took an unexpected hit during the latest quarter, the third-largest Japanese maker reporting that earnings slid 7% compared to the year before despite increased sales outside its home market and the boost Japanese makers, in general, have been getting from a weaker yen.

Honda reported a net profit of 122.4 billion yen, or $1.25 billion during the April-June period – the first quarter in the Japanese fiscal year. A survey of industry analysts by FactSet showed a consensus forecast of 146 billion yen, or $1.5 billion.

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“The figures were lower” than expected, Yuuki Sakurai, chief executive officer of Fukoku Capital Management Inc., told the Bloomberg news service. “The global economy is slowing down, and just because the yen is weaker doesn’t mean Japanese carmakers can sell cars.”

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