Japanese automaker Honda cuts profit outlook as sales slip

Tokyo — Honda has become the latest automaker to report weaker earnings as global demand softens.

The company said Friday that its profit in the July-September fell 6.7% from a year earlier to $1.8 billion as vehicle and motorcycle sales slipped.

An unfavorable exchange rate also hurt earnings, the Tokyo-based automaker said.

Honda Motor Co.’s quarterly revenue declined 2.9% to $34 billion as sales declined in the U.S., Japan, the rest of Asia and Europe.

Honda, which makes the Odyssey minivan and Asimo robot, said higher tax expenses also hurt results.

Honda lowered its full-year net profit forecast for the fiscal year through March 2020 to $5.2 billion.

That’s down from the $5.9 billion estimate given in August.

Honda said its financial services business did well, helping to offset some of the damage from other divisions.

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