HONDA MOTOR CO. LTD. ADRs $29(New York symbol HMC; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.8 billion; Market cap: $52.2 billion; Price-to-sales ratio: 0.5; Dividend yield: 2.8%; TSINetwork Rating: Above Average; www.honda.com) is Japan’s secondlargest carmaker and the world’s biggest motorcycle manufacturer.
In the three months ended September 30, 2014, Honda sold 1.07 million cars and trucks, up 2.3% from 1.05 million a year earlier. New models spurred gains in Asia (up 13.3%) and Europe (up 12.5%). However, sales fell 2.9% in the U.S. and 2.2% in Japan. Motorcycle sales rose 8.7%.
Due to unfavourable currency rates, revenue fell 2.0% in the quarter, to $27.6 billion from $28.1 billion. However, lower costs helped increase the company’s earnings per ADR by 10.8%, to $0.72 from $0.65 (each ADR equals one common share).
The company’s will probably earn $2.97 per ADR in fiscal 2015, and the stock trades at 9.8 times that estimate. The $0.82 dividend yields 2.8%.
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