(April 28, 2011) TOKYO — Honda Motor Co. announced today that its fiscal fourth-quarter (January-March 2011) net income was $536 million, down 38.3 percent from the same period last year.

That was lower than the 93.8 billion yen ($1.1 billion) average of analysts' estimates compiled by Bloomberg News. Sales fell 2.9 percent.

Honda and rival Japanese carmakers are working to restore full operations after last month's earthquake and tsunami damaged parts factories and power plants, causing shortages of components and electricity. Honda said earlier this week it expects its global output to return to normal levels by the end of the year.

"Even if production comes back, sales may not," said Yuuki Sakurai, president at Fukoku Capital Management Inc. in Tokyo. "May sales, June sales may be close to zero as the companies won't have much to sell."

Honda declined to provide a full-year earnings forecast citing the impact of the natural disaster on production.