Honda Motor Corp. Executive Vice President Koichi Kondo doesn't expect any further major changes to its profit outlook this year, following a profit forecast cut on Friday.
Kondo told reporters in Tokyo that demand for motorcycles in Asia helped the company shield itself from the worst of the economic crisis, according to Bloomberg.
The market keeps moving more than we expect, Kondo told Bloomberg. But we don't expect to make any further large scale forecast revisions for the rest of the year.
Today the company cut its profit goal by 57 percent to 80 billion yen, down from 185 billion yean. It also cut its revenue goal by 3 percent to 10.1 trillion yen.
The company has been hurt by the strong yen versus the dollar and lower demand in the U.S.
Today the company also reported its results from the previous quarter. Net income fell a sharp 90 percent to 20.2 billion yen, or 11.6 yen per share for the quarter ending Dec. 31. A year ago, the automaker earned 200 billion yen, or 110.25 yen per share.