Honda's Fiscal 3Q a Good One Even Ignoring Tax Benefit
Honda’s fiscal 2018 third-quarter results greatly benefited from a noncash income tax gain of about JPY 346.1 billion related to remeasuring deferred tax liabilities following the United States’ tax overhaul in December. The company also benefited from solid improvement in all areas of the company, but we do not see a reason to change our fair value estimate at this time. Consolidated revenue increased 13% year over year but only rose by 8.8% excluding currency tailwinds. The yen weakened agains...
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