Honda's Fiscal 2Q Results Strong Excluding Nonrecurring Items
Honda reported a good second quarter of fiscal 2018 after excluding some nonrecurring items, but operating income did decline 32.9% year over year on an as-reported basis. We are raising our fair value estimate about 10%. The change is primarily from lowering our Takata airbag litigation reserve to the yen equivalent of $1 billion from $5 billion, now that Honda has reached an economic loss settlement for the U.S. class-action case against it totaling JPY 53.7 billion, which it recorded in selli...
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