Toyota Boosts Outlook As Earnings Jump 70%

Toyota Motor Corp.'s net income for July-September fiscal second quarter zoomed to 438 billion yen ($4.4 billion) from 258 billion yen ($2.6 billion) a year earlier.

Quarterly revenue expanded 16% to 6.3 trillion yen ($64 billion). Operating income climbed 74% to 592 billion yen ($6 billion), led by a 160% jump to 374 billion yen ($3.8 billion) in Japan.

Operating income for the period rose 39% to 82 billion yen ($831 million) in North America and 133% to 20 billion yen ($203 million) in Europe compared to July-September 2012.

Toyota's global vehicle sales for the quarter slipped 12,000 units to 2.24 million year on year. Volume dropped 7% to 575,000 units in Japan and 9% to 385,000 units in Asia. Deliveries rose 2% to 609,000 vehicles in North America, 5% to 421,000 units in Europe and 10% to 452,000 units in other markets.

Toyota predicts its consolidated sales in the full fiscal year ending next March 31 will be flat at 9.1 million vehicles, as a 4% decline in Asia offsets modest growth in Japan, Europe and North America.

The company raised its outlook for the full fiscal year. It now expects revenue will grow 13% to 25 trillion yen ($253 billion) and net income to jump 74% to 1.67 trillion yen ($17 billion).

Toyota's forecast assumes an average 14% drop in the strength of the yen against the dollar and 18% drop against the euro compared with the previous fiscal quarter.