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Honda's profits surge to start 2012
Friday, April 27, 2012
Honda posted a substantial increase in profit during the first quarter this year.
The January through March profit posted by the Japanese automaker surged 61 percent as it continued its turnaround after temporarily halting production in 2011 due to natural disasters affecting its overseas plants.
Honda also reported an increase in net profit on a year-over-year basis for the fourth quarter of 2011, which saw the automaker posting a profit of $882.7 million, compared with the $44.5 billion profit posted the year before.
Honda and other automakers that emphasize fuel economy by producing fuel-efficient vehicles have become popular among consumers, as a result of rising gas prices throughout the country.
A recent report from AAA found the cost of owning and operating a vehicle in the United States increased 1.9 percent over the past year.
"The average driving cost for 2012 is up due to relatively large increases in fuel and tire costs, and more moderate increases in other areas," said John Nielsen, AAA director of automotive engineering and repair. "Those increases were offset by a decrease in depreciation resulting in an overall increase of 1.9 percent."
Investors interested in purchasing stock in an auto company should contact discount brokers to initiate the process.
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