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AUTOMOTIVE: Honda (HNDA A3/A-/A): 3Q24 Results

AUTOMOTIVE

No credit impact.

  • Honda reported revenue 2.5% ahead of consensus.
  • EBIT missed by 6%, with margins 45bp below expectations at 7.2%. Incentives were higher with competition elevated.
  • 9M industrial FCF reached Y690bn, lagging Y930bn in the prior year period.
  • FY25 EBIT guidance confirmed, with motorcycles revised up and cars revised down. Revenue guidance was increased by 3%. Capex expectations were reduced by 10%.
  • Webcast replay https://www.youtube.com/live/jOrBz3HWnMU.
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No credit impact.

  • Honda reported revenue 2.5% ahead of consensus.
  • EBIT missed by 6%, with margins 45bp below expectations at 7.2%. Incentives were higher with competition elevated.
  • 9M industrial FCF reached Y690bn, lagging Y930bn in the prior year period.
  • FY25 EBIT guidance confirmed, with motorcycles revised up and cars revised down. Revenue guidance was increased by 3%. Capex expectations were reduced by 10%.
  • Webcast replay https://www.youtube.com/live/jOrBz3HWnMU.