TOKYO -- Honda posted a 16 percent rise in quarterly profit and lifted its full-year outlook, as better pricing, strong sales of motorcycles and a weak yen helped it ride out semiconductor shortages.
While Japanese automakers, like many of their overseas rivals, have been hit by shortages of chips and supply chain snarls, Honda has been helped by robust performance in its motorcycle business, particularly in Asia.
The company also said it was helped by pricing that reflected its "increased product value" and by reducing consumer incentives.
The automaker raised its forecasts "to reflect our efforts to further improve profitability, higher automobile sales volume and the impact of the yen's depreciation", Honda Executive Vice President Kohei Takeuchi told a results briefing on Wednesday.
Still, he noted there were plenty of pressures, including inflation.
Operating profit was 231.2 billion yen ($1.59 billion) in the three months to end-September. The same period a year earlier, the company earned 198.9 billion yen.
Honda raised its full-year operating profit forecast to 870 billion yen from 830 billion yen for the year ending March 31 mainly helped by weak yen.
The automaker was forced to consistently cut vehicle production at two domestic factories as COVID-19 outbreaks and semiconductor shortages caused delays in parts shipments. Production of its Vezel SUV, Stepwgn minivan and Civic compact car were all hit.
Its global vehicle production for the first six months of the financial year was down 6.1 percent year on year while domestic production was up 5.5 percent.
