Honda Unveils $915 Million Buyback as It Cuts Outlook
- Full-year sales forecast lowered for second time this year
- Latest quarter’s profit topped analysts’ projections
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Honda Motor Co. cut its annual profit forecast as sluggish global vehicle demand and supply issues weigh on the Japanese carmaker, which unveiled a 100 billion yen ($915 million) share buyback.
Operating profit for the fiscal year ending March will be 690 billion yen instead of 770 billion yen, the company said in a statement Friday. Analysts are predicting a full-year profit of 748 billion yen on average. The revenue forecast was cut to 15.05 trillion yen from 15.65 trillion yen, following a prior revision in August.