Toyota Hikes Outlook After Strong Quarter

Toyota Motor Corp. netted 290 billion yen ($3.7 billion) in the fiscal first quarter ended June 30 compared with 1 billion yen ($15 million) a year earlier.

Revenue soared 60% to 5.5 trillion yen ($70.4 billion) in the three-month period. Vehicle sales surged 86% to 2.27 million vehicles. Toyota's results in last year's April-June period were devastated by the aftermath of Japan's earthquake and tsunami in March 2011.

In the first quarter the company swung to a 353 billion-yen ($4.5 billion) global operating profit its highest earnings of any quarter in four years from a 108 billion-yen ($1.4 billion) loss a year earlier.

In Japan, Toyota posted operating income of 107 billion yen ($1.4 billion) in the April-June period, reversing a year-earlier loss of 207 billion yen ($2.6 billion). Domestic revenue zoomed 82% to 3.2 trillion yen ($41.5 billion). Volume in Japan nearly doubled to 576,700 vehicles, led by strong demand for the Prius hybrid line.

Operating earnings in the rest of Asia climbed 69% to 102 billion yen ($1.3 billion). Revenue jumped 53% to 1.1 trillion yen ($13.7 billion), and volume grew 61% to 418,800 vehicles.

First-quarter North American operating profit quadrupled to 118 billion yen ($1.5 billion). Revenue soared 87% to 1.6 trillion yen ($20.4 billion), and demand surged 140% to 662,300 units.

In Europe, the company swung to an operating income of 3 billion yen ($44 million) from a loss of 8 billion yen ($96 million). Revenue rose 11% to 512 billion yen ($6.6 billion). Sales grew 20% to 208,800 vehicles.

Operating earnings increased 29% to 27 billion yen ($347 million) in Latin America, Oceania and Africa in the latest quarter. Revenue advanced 31% to 483 billion yen ($6.2 billion) as sales jumped 83% to 401,900 vehicles.

Toyota raised its sales outlook for the fiscal year ending March 31, 2012, by 180,000 vehicles to a record a 9.76 million units (including its Daihatsu and Hino subsidiaries), a jump from 23% the previous year.

The company also boosted its global production goal for all brands to a record 10.05 million vehicles, a 28% increase from the previous year. That would make Toyota the first carmaker to top 10 million units of output. The revision included boosting the company's North American estimate 1% to 2.38 million vehicles and reducing its European forecast 3% to 830,000 units.