Honda Full-Year Forecast Misses Estimates Amid Electric Push
- Automaker reported better-than-expected first-quarter income
- CEO Mibe has big EV ambitions, plans highly autonomous cars
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Honda Motor Co. boosted its operating income forecast for the full year but gave guidance that missed analyst estimates, a disappointment for investors as the Japanese automaker embarks on an ambitious plan under Chief Executive Officer Toshihiro Mibe to go all electric by 2040 and make highly autonomous cars a reality.
Operating income for the 12 months ending March should touch 780 billion yen ($7.1 billion), up from previous expectations for 660 billion yen, Honda said in a filing Wednesday. Analysts had been looking for around 803 billion yen. For the first quarter ended June, Honda reported operating income of 243.2 billion yen, more than double the average analyst estimate of 100.8 billion yen.