Rochester, NY 7/30/2009 4:37:55 PM
HMC - Honda Motor and Nissan Seek Stop to Slump
HONDA MOTOR CO ADR
HONDA MOTOR CO ADR, HMC
WhisperFromWallStreet.com offers daily stock alerts to subscribers. Sign up for our free alerts newsletter.Honda Motor Co. second-largest auto maker by vehicle sales after Toyota Motor Corp and Nissan Motor Co. are both stated dismal earnings to begin their fiscal years, but the big Japanese auto makers beat market prospects and offered signs that the crippling losses of the past year may be behind them. Honda shares its net profit for the first quarter ended June 30 tumbled 96% to 7.56 billion yen, or about $80 million, from similar period a year ago. But it lifted its full-year earnings target, helped by severe cost cuts and stronger-than-expected vehicle sales at home and in China.
Nissan, the country's third-biggest car maker, give details of first-quarter net loss of 16.53 billion yen, compared with a net profit of 52.80 billion yen a year earlier. At the same time, its China combined venture unveiled plans to spend five billion yuan, or about $730 million and to establish a new auto plant there.
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