Honda reports 20% sales growth in Q3 earnings beat as the chip shortage drags on 2023 outlook

Yahoo Finance automotive reporter Pras Subramanian details Honda's Q3 earnings.

Video transcript

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- Let's take a look at shares of Honda right now, up just about 2% as we enter the final minutes of trading. The company reporting fiscal Q3 earnings, Pras. taking a look at the stock's reaction. The Street is pretty pleased, and the numbers were strong this past quarter.

PRAS SUBRAMANIAN: Yes, strong quarter for Honda, follows Toyota's strong numbers as well. You know, they saw revenue up 20% for the quarter, and profit up 27% for fiscal Q3, which is their fiscal quarter here. So good news there. They're initiating a buyback of around $550 million, so that's kind of-- as an investor, you want to see that.

But, you know, a little bit of bad news here. They did say that their fiscal sales forecast would come down a bit to 3.8 million vehicles because of the chip shortage still lingering, still happening. But, they do see it ending by the end of 2023. So looking good here. You know, new Accord out, new Civic out, but those EVs are still a bit a ways away.