Honda Motor Co slashed its annual profit and global sales outlook to a ...
) slashed its annual profit and global sales outlook to a four-year low, citing a firmer yen and bleak business in both India and its main market of North America, even as it unveiled plans to buy back $915 million shares.
The dour outlook comes at a time when Honda is struggling to shore up its automobile operations, with its profitability down more than half in the past two years due to a series of quality-related issues constraining its financial firepower to invest in new vehicle technologies. It sees the yen averaging 107 versus the dollar over the period, from a previous assumption of 110 yen. A stronger currency eats into profits because exports become more expensive and the value of overseas earnings decreases.
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