Honda reports more than 60% year-on-year drop in quarterly operating profit

TOKYO: Honda Motor said on Tuesday its third-quarter operating profit fell 61.4%, marking a fourth consecutive year-on-year decline, as U.S. import tariffs and weakening demand for electric vehicles weighed on results.

Japan’s second-biggest automaker after Toyota Motor reported operating profit of 153.4 billion yen ($987.07 million) for the period, missing the 174.5 billion yen average forecast from nine analysts polled by LSEG.

That compared to a 397.3 billion yen operating profit in the same quarter a year earlier.

The company maintained its operating profit forecast for the year ending March 2026 at 550 billion yen. It said its automobile business booked an operating loss for the first nine months of the financial year.