Business news in brief
By The Associated Press
Honda recalling more than 750,000 vehicles
DETROIT | Honda is recalling over 750,000 vehicles in the U.S. because a faulty sensor may cause the front passenger air bags to inflate when they’re not supposed to. The recall covers much of the Honda and Acura model lineup from 2020 to 2022.
Documents posted Tuesday by the U.S. National Highway Traffic Safety Administration say that the front passenger seat weight sensor may crack and short circuit and fail to disable the air bag as intended. The sensors are required to turn off the air bags if children or small adults are in the seats. If that doesn’t happen, it increases the risk of injury.
Dealers will replace the seat sensors at no cost to owners. Owners will be notified starting March 18.
Ford posts
$523 million
4Q net loss
DETROIT | Ford Motor Co. swung to a net loss in the fourth quarter due to a large accounting charge on pension plans and the effects of a six-week strike at multiple factories by the United Auto Workers union.
The Dearborn, Michigan, automaker posted a $523 million net loss from October through December versus a $1.26 billion profit for the same period a year ago.
Excluding one time items, the company made 29 cents per share, beating Wall Street estimates of 12 cents, according to analysts polled by FactSet.
Revenue for the period was $46 billion, up 4% from a year ago, beating estimates of $43 billion.
High-demand drugs propel Eli Lilly to better-than-expected forecast for 2024
Eli Lilly rode soaring demand for diabetes and weight-loss treatments to a better-than-expected finish in 2023, and the drugmaker expects momentum to carry into the new year.
Lilly said on Tuesday that revenue could climb as much as 22% this year, as star sellers like the diabetes drug Mounjaro and its new weight-loss counterpart, Zepbound, gain market share. But the company is still struggling to make enough Mounjaro to satisfy high demand.
Mounjaro sales jumped 65% to $2.21 billion in the fourth quarter compared with the third quarter. Doctors also prescribe that drug off-label for weight loss, which is one of the hottest areas of pharmaceutical sales.
—From AP reports
