[home][rumors and news][model release matrix][dealer network][desktop calendar][exhaust notes][tov forums][links][search][sponsors][garage][login]

Tire Rack Upgrade Garage
 Search for a Dealer:
 Canadian Flag US Flag
 Honda Acura
 ZIP  
Acura
There are currently no active Acura promotions
Honda
There are currently no active Honda promotions
2021 TLX Officially Revealed!
More.......................
Rumors confirmed: Double wishbones return for the 2021 Acura TLX!
More.......................
Reports: Honda's Swindon factory (Civic Type R factory) re-opening delayed until June 10
More.......................
Is the car in these spy photos the next-gen Civic Type R, or an ALL NEW ACURA INTEGRA??
More.......................
Acura revealing 2021 TLX Type S digitally on May 28, 2020
More.......................
Acura dropping RLX following 2020 model year
More.......................
Detroit-area Residents will be Transported to COVID-19 Testing in Modified Honda Odyssey Minivans
More.......................
American Honda reports April 2020 sales
More.......................
General Talk --> Re: 2000 Civic Si
Join Discussion......
General Talk --> Re: BaT 1994 Acura Legend - V6 6MT - Taffeta White
Join Discussion......
General Talk --> Re: 2021 Acura MDX
Join Discussion......
Photoshops --> Re: 2021 TLX Wagon
Join Discussion......
Today's Reading Links --> Re: LISTEN TO THIS: Great scientific COVID assessment!!!!!
Join Discussion......
Photoshops --> Re: 2021 TLX recolor
Join Discussion......
Today's Reading Links --> Re: Electric vehicle push tied to 'political agenda': new Honda Canada CEO
Join Discussion......
Today's Reading Links --> Re: Go Go! Space X! They're off!!!
Join Discussion......
Today's Reading Links --> Re: Pfft..... iMMD, PHEV work better.
Join Discussion......
General Talk --> Re: Audio Upgrade - TonyEX
Join Discussion......
General Talk --> Re: China's Honda Breeze looks better than US CR-V
Join Discussion......
Today's Reading Links --> Re: Trump reducing fuel efficiency standards
Join Discussion......
General Talk --> Re: 2021 Buick Envision
Join Discussion......
Strictly Technical --> Re: Civic AC compressor recall
Join Discussion......
General Talk --> Re: What Could Have Been...Almost Was
Join Discussion......
Summary of Consolidated Financial Results for the Fiscal 3rd Quarter
 Date: January 31, 2011 08:11
 Submitted by:  JeffX
 Source: Honda Press Release
 Credibility Rating: Not Specified


Summary of Consolidated Financial Results for the Fiscal 3rd Quarter and the Fiscal Nine Months ended December 31, 2010 -Upward revision to forecast of fiscal consolidated operating income and net income-

TOKYO, Japan, January 31, 2011 -- Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal third quarter and the fiscal nine months ended December 31, 2010.

Consolidated Financial Summary:


Despite the unfavorable currency effects due to the appreciation of the Japanese yen and a decrease in automobile sales in Japan, consolidated operating income for the fiscal third quarter (October 1, 2010 through December 31, 2010) was 125.6 billion yen primarily due to the recovery of automobile sales in North America and the expansion of motorcycle business in Asia.

Consolidated operating profit for the fiscal nine months (April 1, 2010 through December 31, 2010) considerably increased compared to the same period last year, primarily due to increased profit in automobile business in Japan, North America and Asia as well as motorcycle business in Asia, offsetting the unfavorable currency effects due to the Japanese yen appreciation. Equity in income of affiliates, including profit from joint ventures in China, also substantially increased compared to the same period last year.

Honda made an upward revision to the forecast for consolidated operating income for FY11 (fiscal year ending March 31, 2011) from the previous 500 billion yen to 620 billion yen. This upward revision was based on the forecast for an increase in profit due to the expansion of motorcycle business in Asia and South America, improved model mix in North America, continuing cost reduction efforts, and increased profit from financial services business. The forecast for net income*1 was also revised upward from the previous 500 billion yen to 530 billion yen due to the forecasted increase in equity in income of affiliates mainly in Asia in addition to an increase in operating income.



*1 Net income attributable to Honda Motor Co., Ltd. based on U.S. generally accepted accounting principles.
*2 Unit sales of approximately 1.75 million units for the current fiscal 3rd quarter, approximately 5.48 million units for the current fiscal nine months and approximately 7.22 million units for the forecast of the fiscal year ending March 31, 2011 of Honda-brand motorcycle products that are manufactured and sold by overseas affiliates accounted for under the equity method but do not use any parts supplied from Honda and its consolidated subsidiaries, are not included in the total sales of the motorcycle segment or in the measure of unit sales, in conformity with U.S. generally accepted accounting principles.
*3 Certain sales of automobiles that are financed with residual value type auto loans by Honda's domestic finance subsidiaries are accounted for as operating leases in conformity with U.S. generally accepted accounting principles. As a result, they are not included in the total sales of the automobile segment or in the measure of unit sales.
*4 Unit sales of power products include all trilateral trade transactions from the fiscal year ended March 31, 2010. This change was made and reported by retrospective application in the three months ended March 31, 2010. Honda adjusted unit sales of power products for the three months and the fiscal nine months ended December 31, 2009 to conform to the presentation used for the fiscal year ended March 31, 2010.


Out-of-period adjustments
The overstatements of trade accounts and notes receivable, inventories, net sales, and cost of sales in the previously issued consolidated financial statements, in relation to "inventory management trading"*5 activities in which a domestic subsidiary of the Company was involved were found. The Company recorded the related cumulative loss amounted to approximately 14.1 billion yen, which incurred in prior fiscal years, as selling, general and administrative expenses in the Company's consolidated statements of income for the nine months ended December 31, 2010, not by retrospectively adjusting the prior year financial statements. As a result, operating income for the nine months ended December 31, 2010 decreased by approximately 14.1 billion yen. The Company also adjusted net sales amounted to approximately 9.8 billion yen and related operating expenses overstated in the Company's consolidated statements of income for the six months ended September 30, 2010, in the Company's consolidated statements of income for the three months ended December 31, 2010. As a result, operating income for the three months ended December 31, 2010 decreased by approximately 14.4 billion yen, including the above cumulative loss incurred in prior fiscal years. Honda believes that these out-of-period adjustments are immaterial to the Company's consolidated financial statements or results of operations as of and for the three months and nine months ended December 31, 2010 as well as prior periods.

*5 "Inventory management trading" means transactions in which a domestic subsidiary of the Company temporarily purchases seafood products from seafood companies with the promise that they will buy back such products after a certain period, in order to bridge the gap between the purchasing period (the fishing season) and the sales period for seafood products.

Last edited by JeffX on January 31, 2011 08:15

Click Here to Submit Your Comments

Viewing Threshold (What is this?)

[fancy] [flat] [simple]
Subject Thread Originator Replies Last Post
  Honda Profit Off 40%: Still Leads the Japanese Industry
CB77 5
  Mazda LOST 33 million for quarter
80honda 0
  Sold cars
Restless 7
  Honda's cash cows in the USA
80honda 0
TOV Photo Gallery: 2020 Chicago Auto Show
Read Article....................
TOV Photo Gallery: Honda and Acura at 2019 Los Angeles Auto Show
Read Article....................
TOV Photo Gallery: Other vehicles of 2019 Los Angeles Auto Show
Read Article....................
Photo Gallery: RealTime Racing's TOP secret Honda Collection Hall
Read Article....................
2019 Honda Passport PR Photo Gallery
Read Article....................
2019 Acura NSX PR Photo Gallery
Read Article....................
Contact TOV | Submit Your Article | Submit Your Link | Advertise | TOV Shop | Events | Our Sponsors | TOV Archives
Copyright © 2019 Velocitech Inc. All information contained herein remains the property of Velocitech Inc.
The Temple of VTEC is not affiliated with American Honda Motor Co., Inc. TOV Policies and Guidelines - Credits - Privacy Policy
30