Proving analysts wrong, Honda announced today that it had earned an operating profit of 25.2 billion Yen ($267 million US), compared to a profit of 210.5 billion yen in 2008. Analysts were expecting a loss of 106 billion yen ($1.1 billion US). It made a net 7.6 billion for the quarter, compared with a profit of 173.4 billion yen a year ago.

The relatively good performance is thanks to the 2010 Honda Insight, which had a great launch in Japan. The Accord and Civic continue to seel fairly well despite the global downturn.

According to Reuters, the surprising Q1 results has prompted Honda to raise its 2009 earnings forecast from 40 billion yen ($420 million US) to 70 billion yen ($737 million US). The Japanese automaker has also raised its vehicle sales forecast by 85,000 units, to 3.295 million vehicles for 2009.

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