Honda Projects 63.5% Decline In Fiscal Year Profit

Honda Motor Co HMC projects a 63.5% drop in its profit for the current fiscal year. Honda expects a profit of 195 billion yen ($2.4 billion) for the current fiscal year, down from 534 billion yen in the last fiscal year. However, analysts expected a profit of Y385.43 billion for the year. Honda now expects sales to drop 7.1% on year to 8.3 trillion yen ($104 billion) for the current fiscal year. It projects operating profit to drop 65% to Y200 billion from Y569.78 billion. Honda expects its global vehicles sales to decline to 3.30 million vehicles this fiscal year from 3.51 million vehicles in the earlier year. Honda's earnings estimates are based on the dollar at Y80 and the euro at Y110, versus Y86 and Y114 respectively in the previous fiscal year. Honda shares fell 1.69% to close at $36.13 yesterday. Read more from Benzinga's Company news.