Honda (NYSE:HMC) posted earnings of $1.7 billion during its fiscal first quarter. That marked a four-fold rebound from last year, when the company suffered production disruptions from Japan’s earthquake and tsunami, but it fell short of the $1.9 billion analysts had forecast, Bloomberg noted.
Operating profits rose to $2.3 billion, but that was also below the $2.72 billion predicted by analysts. Shares of Honda slipped fractionally in Tuesday trading in New York.
Honda reiterated its full-year earnings guidance, predicting 4.3 million vehicles delivered and 10.3 trillion yen in sales for fiscal 2013.
During the first quarter, North American operating profits jumped to 82.2 billion yen, up from 18.5 billion yen in 2011. But that missed the 105.2 billion yen expected by analysts. European operations lost 7.63 billion yen, while Japanese operations beat forecasts with a 61 billion yen operating profit.
The company boosted incentives to U.S. car buyers by 31% during the quarter. That put the Honda ahead of other Japanese automakers in using incentives to promote U.S. sales. Analysts noted that higher sales expenses, including incentives, had dampened Honda’s earnings, as did the relatively strong Japanese yen.