Honda Motor Co. reported quarterly profit that missed analysts' estimates on quality-related expenses and slumping demand in Japan.
Net income rose 6.9 percent to ¥127.8 billion ($1.06 billion) in the quarter through September from a restated ¥119.5 billion a year earlier, Honda said Wednesday. The result compares with the ¥129.5 billion average of eight analysts' estimates compiled by Bloomberg. The automaker maintained its full-year profit forecast at ¥525 billion.
Honda, which sells the most vehicles in Japan after Toyota Motor Corp., has posted 12 straight months of declining deliveries at home as demand wanes after a sales-tax increase last year. Weak demand in Japan has offset gains for Honda in China, where sales have been boosted by its crossover models, and in the U.S. auto market, which has registered the best two-month stretch of sales in 15 years.
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