Honda Clocks Double-Digit Revenue Growth In Q1, Reaffirms FY24 Outlook
Portfolio Pulse from Lekha Gupta
Honda Motor Co Ltd (NYSE:HMC) reported a 20.8% YoY increase in Q1 FY24 sales revenue to ¥4.62 trillion. The company's Automobile, Motorcycle, and Financial Services businesses saw revenue growth of 30.2%, 12.0%, and 3.1% respectively. Operating profit was up 77.5% YoY, beating consensus estimates. The company reaffirmed its FY24 outlook and announced a stock split, effective October 1, 2023. HMC shares are trading higher by 2.95% premarket.
August 09, 2023 | 9:37 am
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Honda's Q1 FY24 results beat estimates with significant revenue growth across all businesses. The company reaffirmed its FY24 outlook and announced a stock split, which has led to a premarket increase in HMC shares.
Honda's strong Q1 results and the reaffirmation of its FY24 outlook indicate a positive financial performance, which is likely to boost investor confidence. The announced stock split could make the stock more accessible to investors, potentially increasing demand and driving up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100