Japanese automobile manufacturer Honda Motor Co (NYSE: HMC) said its revenues for the first three months of fiscal 2020 edged down 0.7% to JPY 3,996.2 billion (approx. $37.4 billion).
During the quarter, the company witnessed disappointing performance across all business units, except in Financial services. The top-line was also hurt by forex headwinds, the company said.
The Motorcycle and Life Creation units (Power Product business has been renamed Life Creation business from April 1, 2019) declined 8.1% and 4.5% respectively, partially offset by a marginal 1.2% increase in the Automobile segment.
Automobile sales were mainly pulled down by the weakness in North America, where it sold 23% fewer cars compared to last year. The big fall in the Motorcycle division was led by weakness in the Indian market.
Despite its cost optimization initiatives, operating profit fell 15.7% to JPY 252.4 billion (approx. $2.36 billion) due to SG&A expenses and lower revenues.
On a per-share basis, the Civic-maker reported earnings of JPY 97.92 (approx. $0.92) in the first quarter.
HMC shares ended their last trading session down 0.24%. The stock has declined 6% so far this year.
For the fiscal full year, the company expects a 1.5% decrease in sales revenue to JPY 15,650 ($146.4 billion), while EPS is projected to be JPY366.57 (3.43).
Operating profit for this period is forecast to increase 6%.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard