Honda reports 38.1% profit jump

Honda, Japan’s second-biggest automaker, reported a 38.1% jump in profit for the October-December quarter on Wednesday, thanks to booming sales in the U.S., Europe and Asia outside Japan.

Honda, which sells nearly half of its vehicles in North America, revised upward its annual profit forecast, appearing to shrug off the looming worries about a U.S. recession and as well as worries about a stronger yen, which erodes exporters’ profits. Like other Japanese automakers with their reputation for smaller fuel-efficient models, Honda Motor Co. — maker of the Civic and Accord sedans and the Odyssey minivan — is getting extra consumer interest because of a recent surge in gas prices.

Honda’s quarterly profit rose to 200 billion yen ($1.87 billion) from 144.8 billion yen the same period the previous year, marking a record for the fiscal third quarter. Cost-cutting also helped boost its bottom line.

Quarterly sales climbed 10% to 3.045 trillion yen ($28.52 billion), the Tokyo-based manufacturer said.