Honda Motor Co Ltd (ADR) (HMC) Posts Nov Sales, Shares Up

Honda Motor Co Ltd (ADR) (HMC) Posts Nov Sales, Shares Up
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Shares of Honda Motor Co Ltd (NYSE:HMC) increased 0.74% to $41.11 on Dec 26, 2013 after the automaker released the Nov 2013 sales results. Honda’s worldwide production volume for Nov 2013 stood at 398,238 units, up 24% from a year ago. Production outside Japan escalated 21% to 301,403 units. Meanwhile, production in Japan rose 34.5% to 96,835 units.

The increased production outside Japan was driven by a 71% increase in production in Asia. This was partially offset by a 12.1% decline in production in Europe and a 17.9% drop in other regions. The year-over-year improvement in Asia was mainly due to a 222.1% increase in production in China. North America too registered 2.4% rise in production, driven by a 5% year over year increase in the U.S.

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Sales in the Japanese market went up 47.6% year over year to 74,008 units. New vehicle registrations surged 111.5% to 41,324 units. Mini vehicles’ sales augmented 6.8% to 32,684 units.

Fit was the best-selling vehicle among new vehicle registrations (excluding mini vehicles) in Nov 2013 with sales of 26,235 units. Freed was the tenth top-selling vehicle with sales of 4,788 units.

Under the Mini vehicles category, N-BOX was the highest-selling vehicle with sales of 19,512 units. N-ONE was the ninth best-selling vehicle with sales of 6,174 units.

Export from Japan decreased 38.2% y/y to 8,602 units in November. The decline was driven by weak exports to North America, partially offset by higher exports to Europe and Asia.

Honda expects revenues to increase 22.5% to ¥12.1 trillion in fiscal 2014. Operating profit is expected to hike 43.2% to ¥780 billion and net income is projected to rise 58% to ¥580 billion or ¥321.81 per share. The company expects higher revenues, favorable model mix, effective cost reduction measures, favorable currency effect and positive impact of raw material cost fluctuations to contribute to increase in profits during the year.

Currently, Honda has a Zacks Rank #2 (Buy). Daimler AG (DDAIF), Tata Motors Ltd (TTM) and Fuji Heavy Industries Ltd. (FUJHY) are other prominent players in the foreign automobile industry.
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