Honda Finishes Fiscal 2019 With Europe Charges and Announces Ambitious Efficiency Plans
We are leaving our Honda fair value estimate in place after it reported fiscal 2019 fourth-quarter results weighed down with JPY 68.1 billion of impairment and benefits charges for closing its U.K. and Turkey plants in 2021, as previously disclosed. Management expects another JPY 10 billion of European charges in fiscal 2020. Operating income fell 67% year over year and operating margin came in at 1%, down 220 basis points. However, excluding a JPY 55.9 billion currency headwind, likely mostly f...
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