Benzinga | Aug 4, 2021 09:17AM EDT

Honda Motor Reports 68% Rise in Q1 Revenue; Trims FY22 Unit Sales Guidance

* Honda Motor Co Ltd (NYSE:HMC) reported first-quarter FY21 sales revenue growth of 68.7% year-on-year, to ?3.58 trillion.

* Sales revenue from Motorcycles rose 88.9% Y/Y to ?518.2 billion, and automobiles climbed 79.4% to ?2.25 trillion.

* The operating margin was 6.8%, and the operating profit for the quarter was ?243.2 billion.

* Net profit was ?222.5 billion against a net loss of ?80.8 billion last year.

* The company has warned of the persistence of chip shortage.

* Honda announces ?70 billion shares buyback from August 5, 2021, through December 31, 2021.

* Outlook: Honda raised FY22 revenue guidance to ?15.45 trillion from the prior view of ?15.20 trillion. Operating profit of ?780.0 billion, versus the previous ?660.0 billion.

* The company has lowered the consolidated unit sales outlook for motorcycles to 11.13 million from the previous 11.86 million and automobiles to 2.94 million from the prior 3.03 million units.

* Price action: HMC shares closed higher by 1.01% at $32.86 on Tuesday.