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CONSUMER STAPLES: Honda (HNDA A3/A-/A): 1Q25 Results

CONSUMER STAPLES
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Credit neutral. Operating profit had been rumoured in the local press on Monday. 32% volume decline in China partly due to an uncompetitive EV offering there.

  • Honda revenue was 3.5% better than expected, with 17% YoY growth mainly driven motorcycle volumes. Hybrid sales are driving automobile volume growth in Japan and marginally in the US, with China contracting.
  • Operating income beat by 15%, with 9% margin vs 8.2% expected, up from 8.5% YoY. Motorcycle margins are superior to automobile.
  • FCF improved to ¥286bn from ¥74bn YoY, with reduced inventories and lower capex.
  • FY25 revenue and operating profit forecasts unchanged. Cross-shareholdings to be unwound.
  • Webcast replay https://www.youtube.com/live/beMp_Zar5TM.
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Credit neutral. Operating profit had been rumoured in the local press on Monday. 32% volume decline in China partly due to an uncompetitive EV offering there.

  • Honda revenue was 3.5% better than expected, with 17% YoY growth mainly driven motorcycle volumes. Hybrid sales are driving automobile volume growth in Japan and marginally in the US, with China contracting.
  • Operating income beat by 15%, with 9% margin vs 8.2% expected, up from 8.5% YoY. Motorcycle margins are superior to automobile.
  • FCF improved to ¥286bn from ¥74bn YoY, with reduced inventories and lower capex.
  • FY25 revenue and operating profit forecasts unchanged. Cross-shareholdings to be unwound.
  • Webcast replay https://www.youtube.com/live/beMp_Zar5TM.