Honda profits up despite declining sales in North America

Honda has maintained revenue growth in its fiscal fourth quarter ending March 31, despite declining sales in the North American market.

Operating profit reached 165 billion yen (~$1.6 billion USD) for the recent quarter, a 21.5-percent increase compared to the same period in 2013. The company tallied 574 billion yen (~$5.6 billion USD) in net profit for the fiscal year overall, jumping by 56.4 percent.

Vehicle shipments were up by approximately 20 percent in the quarter, reaching 1.2 million. Growth was driven by increased demand for the Fit, Odyssey and Vezel in Japan, along with a gain in motorcycles sold in Asia.

Vehicle shipments to North American fell by nearly ten percent compared to the same quarter last year. The company suggests the cold wave is to blame, and the slide was not large enough to erase an overall sales gain in the region for the year.

The company expects its net income to maintain modest growth through the fiscal year ending in March 2015, though its 595 million yen (~$5.8 billion USD) profit forecast is approximately 14 percent below average analyst estimates compiled by Bloomberg.