Honda Checks In

Press Release from Honda:

Torrance, CA - Honda Motor Co., Ltd. says its consolidated net income for the year ended March 31, 2003, set a record high of $3.550 billion, an increase of 17.6% from the same period in 2002. Basic net income per Common Share for the year amounted to $3.66, compared to $3.09 for the corresponding period a year ago.

Honda says revenue from unit sales of motorcycles, automobiles and power products was $66.319 billion, an increase of 8.3% from last year. Revenue included the negative effect of currency translation, and Honda estimates that had the exchange rate of the yen remained unchanged from the previous year, revenue for the year would have increased by approximately 9.1%.

Consolidated operating income for the year totaled $5.736 billion, an increase of 7.8% compared to the corresponding period last year. Honda says higher revenue from the automobile business, continuing cost cutting strategies and a weaker yen were the major contributing factors to this increase in operating income. Consolidated income before income taxes for the year totaled $5.073 billion, an increase of 10.6% compared to the previous year.

With respect to Honda's sales for the fiscal year by business category, motorcycle unit sales increased by 32.6% to 8,080,000 units, with revenue increasing 3.2% to $8.137 billion. Honda says higher sales in Asia outside Japan contributed to this increase.

Boosted by business in North America and Asia, Honda's unit sales of automobiles increased by 8.3% to 2,888,000 units, and revenue increased 8.6% to $53.578 billion from the previous fiscal year.

At the same time, increased unit sales of general-purpose engines in Europe and North America bumped sales of power products to 4,584,000 units, an increase of 16.8% compared to the corresponding period of the previous year. Honda says revenue from other businesses, including power products and financial services, showed a 14.1% increase, amounting to $4.603 billion.
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George Obradovich
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