Honda Motor Co. reported that profit jumped 20% in its first fiscal quarter compared with the year-earlier period, thanks to overseas sales and a favorable exchange rate.
Honda's net earnings for the three months ended June 30 rose to $903 million. Sales rose 10% to $16 billion. Overseas sales soared 16%, while sales in Japan edged down 7%.
Honda, based in Tokyo, sold 367,000 vehicles in North America during the quarter, up 12% from 328,000 vehicles. Worldwide, Honda sold 694,000 vehicles, up nearly 9% from a year earlier.
Honda was upbeat about sales prospects in both the United States and Japan, but its European business is not expected to turn profitable until fiscal 2003.