February 1, 2019 / 6:12 AM / 6 months ago

Japan's Honda Motor Q3 profit drops 40.2 pct, misses estimates

TOKYO, Feb 1 (Reuters) - Honda Motor Co Ltd on Friday reported a 40.2 percent drop in third-quarter operating profit despite posting higher vehicle sales during the period, missing market expectations.

Japan’s third-biggest automaker posted profit of 170.1 billion yen ($1.56 billion) for October-December, from 284.5 billion yen in the same period a year earlier.

The result compared with the 208.8 billion yen median of 10 analyst estimates compiled by Refinitiv.

Honda kept its full-year profit forecast at 790 billion yen, although it now assumes that the domestic currency will trade around 111 yen to the U.S. dollar through March 31, from a previous forecast for 110 yen. ($1 = 108.8500 yen) (Reporting by Naomi Tajitsu; Editing by Christopher Cushing)

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