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Honda Motor Co. has boosted its operating profit outlook for the current fiscal year, a sign sales are progressing well despite the global chip shortage that is disrupting the auto industry’s supply chain.

The automaker is targeting an operating profit of ¥520 billion ($5 billion) for the 12 months through March, compared with a prior forecast for ¥420 billion, it said in an exchange filing Tuesday. That compares with analysts’ average projection for ¥469 billion, according to data compiled by Bloomberg.

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