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Honda reports $2.3 billion profit despite pandemic

TOKYO — Japanese automaker Honda reported Friday that its profit rose 23% in the last quarter, despite a pandemic that has slammed businesses around the world. Tokyo-based Honda said its July-September profit was 240.9 billion yen ($2.3 billion), up from 196.5 billion yen a year earlier, as the auto market recovered in some parts of the world. Honda said it carried out aggressive cost cuts that involved a “fundamental review” of its operations. The situation was also improving from earlier this year, when lockdowns and other problems related to COVID-19 caused disruptions of some production and an inventory crunch. Quarterly sales slipped to 3.65 trillion yen ($35 billion) from 3.73 trillion yen the same period a year earlier. Honda warned that uncertainty remains amid rising COVID-19 cases. But the company stressed it was managing to cling to profitability. Reflecting that upbeat mood, Honda raised its profit forecast for the fiscal year through March 2021 to 390 billion yen ($3.8 billion) from an earlier projection for 165 billion yen ($1.6 billion). The latest forecast is still lower than the 455.7 billion yen profit Honda booked in the previous fiscal year. Honda sold slightly more vehicles in the quarter through September at 1.25 million vehicles, compared to 1.24 million vehicles in the same period of 2019. But it sold fewer motorcycles at nearly 4.5 million motorcycles, down from nearly 5.1 million. Kohei Takeuchi, a senior Honda manager, said much of the damage to sales likely came from the pandemic, though he hesitated to blame the entire decline on the pandemic. Executive Vice President Seiji Kuraishi told reporters Honda is bullish on shifting its lineup to ecological models to keep up with the global efforts to curb carbon emissions and global warming. Also Friday, Toyota raised its full year fiscal forecasts to a 1.4 trillion yen ($13.5 billion) profit, after reporting results that appear to show a gradual but sure recovery. Its profit fell 11% in the last quarter. Nissan reports financial results next week. Related Video: Earnings/Financials Acura Honda

Weekly Recap: Car-pedestrian crashes remained elevated in 2014

The death of American Horror Story: Freak Show star Ben Woolf served as a reminder this week that car crashes involving pedestrians remain a problem, and a new study issued on Thursday reinforced that the situation isn't really getting better. The Governors Highway Safety Association found a slight decline, 2.8 percent, in the number of pedestrian deaths in the first six months of 2014. Fatalities dropped from 2,141 to 2,125 compared with the same period in 2013, though the association says it's a statistical wash when factoring in undercounting. Deaths are still 15-percent higher than in 2009. "The number of deaths remains relatively high and is cause for concern," wrote Allan Williams, who compiled the report and is the former chief scientist at the Insurance Institute for Highway Safety. This is the first look at data from last year, and the National Highway Traffic Safety Administration will issue its full-year results later. The GHSA found some progress on the roadways, as 24 states and the District of Columbia reported drops in pedestrian deaths. In some states, the problem isn't even a problem at all: Nebraska and Wyoming reported one fatality apiece, though large population centers in urban areas are where most accidents occur. "This is a clearly a good news, bad news scenario," Jonathan Adkins, GHSA executive director, said in a statement. "While we're encouraged that pedestrian fatalities haven't increased over the past two years, progress has been slow." Other News & Notes Cadillac previews CT6 during Oscars Cadillac previewed its upcoming flagship sedan, the CT6, in commercials that aired Sunday during the Oscars. As expected, the creased sedan carries on Cadillac's recent design language, and the car in the commercial looks like a larger version of the CTS and ATS sedans. The CT6 will be revealed this spring at the New York Auto Show and launch late this year. It will be assembled at General Motors' Detroit-Hamtramck factory on a rear-wheel-drive chassis, and the CT6 is the first car to use Cadillac's revised alpha-numeric naming scheme. The commercials also kicked off Cadillac's "Dare Greatly" campaign, which is the first with its new advertising agency, Publicis Worldwide. Honda unexpectedly changes CEOs Honda unexpectedly announced this week that it will change CEOs. Current chief Takanobu Ito will step down in June and be replaced by company veteran Takahiro Hachigo.

Junkyard Gem: 1997 Acura 1.6 EL

Drivers from Mexico or Canada who take their cars across the border into the United States may drive them legally here for one year, after which they must drive back home or go through a registration process that ranges from arduous to impossible, depending on the state. As a result, quite a few Canadian- and Mexican-market cars end up marooned and un-registerable here, and I find some of them during my junkyard travels. Today, we've got a Canada-only Acura that showed up in a Northern California boneyard recently. I'm always looking for junkyard odometers with very high final readings (right now a 631k-mile Volvo 240 holds the record), and at first glance I though I had come across a Civic sedan with nearly 450,000 miles. Then I noticed the metric speedometer and realized that I was looking at a non-US-market car. 448,538 kilometers is 278,709 miles, by the way. A look at the build tag and emissions stickers showed that this car was built and sold in Canada. I'd found a second-generation Acura EL in a Colorado junkyard a few years back, so I knew that I'd just found a first-generation EL. Like its Acura Integra contemporary, the Acura EL was based on the Honda Civic. It replaced the Integra in Canada for 1997 and production continued through 2005. It differed somewhat in appearance from the Civic and had a nicer interior but was mechanically nearly identical to the US-market Civic EX sedan. A version for the Japanese market was built in Canada and exported across the Pacific as the second-generation Honda Domani. The engine is a 1.6-liter SOHC four-banger with VTEC, rated at 127 horsepower and 107 pound-feet. This one appears to be a loaded EL Premium, with the optional four-speed automatic. List price would have been C$22,000, or about $30,676 in 2023 United States dollars (using the exchange rate for June of 1997). The decklid had an EL-only spoiler, so a local Honda expert must have bought it for a Civic sedan. Since this car was old enough to be federally legal under the 25-year rule, it could have been registered legally in some US states… but California's strict emissions regulations would have made the process too difficult to be worth undertaking on a near-300k-mile machine that isn't particularly exotic.