Honda's FY2024 Q1 Financial Results

On August 9, 2023, Honda announced its financial results for the first quarter of FY2024, covering the period from April to June 2023. All segments of the business, including motorcycles, experienced a significant increase in profits compared to the previous year. The profits rose from 149 billion yen in 2023 Q1 to 363 billion yen in the current reporting period. In terms of US dollars, this translates to approximately $1,030,171,100 in FY2023 Q1 and $2,509,854,600 in FY2024 Q1.

Honda motorcycle sales play a crucial role in the company's financial performance. It's important to note that Honda includes its ATVs and side-by-sides when calculating its total motorcycle sales.

In FY2024 Q1, Honda reported global motorcycle sales of 4,473,000 bikes, amounting to approximately 143.5 billion yen (or about $992,194,875). This represents a 5.2 percent increase compared to the 4,251,000 bikes sold in FY2023 Q1, which generated about 97.8 billion yen (or about $723,915,600 at August 2022 conversion rates).

India remains the top country in terms of motorcycle sales for FY2024 Q1, although the number of bikes sold there decreased compared to the same period in 2023. Honda sold a total of 952,000 bikes in India in Q1 2024, which is approximately 95.7 percent of the amount sold in 2023.

The second strongest country in terms of sales numbers for 2024 Q1 is Vietnam, where Honda sold 506,000 bikes, accounting for about 95.1 percent of the number sold in the same period in 2023. Thailand ranks third on the list with 395,000 bikes sold in 2024 Q1, representing 118.3 percent of the number sold in 2023 Q1. Brazil completes Honda's top five countries for motorcycle sales in 2024 Q1, with 271,000 bikes sold, or about 98.6 percent of the sales in 2023 Q1.

Overall, Honda achieved higher motorcycle sales worldwide in 2024 Q1 compared to 2023 Q1. However, each sales region had different factors that influenced sales. Honda attributes negative sales impact in India to semiconductor shortages, while a recession in Vietnam affected sales in that country. On the other hand, motorbike production recovery in Indonesia contributed to increased sales in that market.

Honda divides its sales into five regions: Japan, North America, Europe, Asia, and Other Regions. In 2024 Q1, Honda sold 58,000 motorcycles in Japan, which is 2,000 more than in 2023 Q1. In North America, it sold 120,000 bikes, an increase of 10,000 compared to 2023 Q1. Europe experienced significant sales growth in 2024 Q1 with 119,000 bikes sold, which is 3,800 more than in 2023 Q1.

However, the most impressive sales gain was seen in the rest of Asia (excluding Japan). In 2024 Q1, Honda recorded a total of 3,781,000 motorcycle sales in the region, which is 196,000 more bikes than in the same period in 2023.

In other regions, motorcycle sales for 2024 Q1 amounted to 395,000 bikes, a decrease of 24,000 bikes compared to the same period in 2023. Nevertheless, the growth observed in the first four reported regions resulted in a 5.2 percent increase in Honda's worldwide motorcycle sales for Q1 of 2024.