But the company said it was disappointed by weaker-than-expected sales, particularly in its electronic test and measurement business, and in electronic components.
It attributed lower earnings to weaker-than-expected sales.
Then worries about oil prices, jobs growth, the trade deficit and weaker-than-expected retail sales led to a scaling back of forecasts.
The cut, which surprised many investors, followed the release today of weaker-than-expected retail sales and inflation data.
This gives Mitsubishi an additional outlet for its production in the event of weaker-than-expected sales.
The drop in housing starts had raised fears that builders were sharply cutting back on construction plans because of weaker-than-expected sales.
Anemic Sales in September Raising concern about the Christmas season, the nation's biggest retailers mostly reported weaker-than-expected sales last month.
Next kicked off the Christmas retail reporting season by posting weaker-than-expected sales at its high street stores after rivals discounted heavily during the crucial trading period.
The company cited weaker-than-expected sales in Asia and in the United States' telecommunications industry.
The company attributed $90 million of the missed revenue to weaker-than-expected sales of the Cube.