Honda’s profit grows 23% on hybrid sales

Honda Motor Co. reported a nearly 23% rise in first-quarter profit as the company benefited from a weaker yen, higher pricing and growth in hybrid vehicle sales in the United States and its home market.

Japan’s No. 2 automaker said its quarterly operating profit totaled $3.3 billion in the April-June period.

The company maintained its full-year operating profit forecast at 1.42 trillion yen, while cutting its China sales forecast by 21% to 840,000 vehicles for the year.

Honda said last week its global vehicle sales grew 2% to 1.9 million in the first six months of the year, largely due to a 9% rise in sales in the United States, its main market.