Honda sees operating profit of $2.23 billion in first quarter

Honda Motor saw a first-quarter operating profit of 243.21 billion yen ($2.23 billion) from a 113.7 billion loss a year earlier as car sales recovered from the impact of the coronavirus crisis.

Operating profit at the automaker by sales for the three months ended June 30 was double the average profit estimate of 119.2 billion yen by analysts.

The automaker has raised its full-year forecast by 18% and now expects an operating profit of 780 billion yen in the ongoing financial year, having previously forecast in May a 660 billion yen operating profit.