Toyota Earnings Surge Almost Fivefold

Toyota Motor Corp.'s net income in its October-December fiscal third quarter jumped to 526 billion yen ($5.2 billion) from 100 billion yen a year earlier, aided by favorable exchange rates that accounted for half the total.

The company's revenue for the period rose 24% to 5.3 trillion yen ($52 billion). Operating income surged almost fivefold to 601 billion yen ($5.9 billion).

The results prompted Toyota to raise its full-fiscal-year outlook again. The company now expects revenue of 25.5 trillion yen ($251 billion), up from 25 trillion yen estimated in November, and net income of 1.9 trillion yen ($1.9 billion) from 1.67 trillion yen. Toyota estimates its full-year operating profit will be 2.4 trillion yen ($23.7 billion).

The company assumes an exchange rate of 100 yen to the U.S. dollar and 134 yen to the euro.

Toyota's global vehicles increased 203,500 units to 2.3 million, paced by a 13% gain in Japan, 10% in North America, 17% in Europe and 13% in other markets. Sales in Asia outside Japan slipped 1%.

Toyota reiterates that it expects its consolidated global vehicle sales for the fiscal year ending March 31 will total 9.1 million units.