Mexican Media Brands
Toyota Posts Record Quarterly Profit but Cuts Sales Outlook
Toyota Motor Corp.’s operating profit advanced to a second-fiscal-quarter record 827 billion yen ($6.9 billion) from 657 billion yen in July-September last year.
#economics
Share
Toyota Motor Corp.’s operating profit advanced to a second-fiscal-quarter record 827 billion yen ($6.9 billion) from 657 billion yen in July-September last year. Net income rose 14% to a quarterly record 612 billion yen ($5.1 billion).
The company’s unit sales declined by 71,000 vehicles to 2.16 million vehicles, including its Daihatsu minicar and Hino truck brands. But the weak yen hiked revenue 8% to 7.1 trillion yen ($58 billion) and contributed 160 billion yen ($1.3 billion) in profit.
Without currency effects, Toyota’s year-on-year operating income would have been almost flat.
Toyota says its automotive operating profit margin soared to 13% in Japan as export volume grew. But the company’s margin in North America, where sales slipped by about 1,000 units to 684,000 vehicles, was only 5%. The strong dollar also made exports from the region less profitable.
Toyota has trimmed its forecast for the fiscal year ending March 31 to 8.75 million wholesaled vehicles from 8.9 million because of continuing weakness in Asia, Japan and the Middle East. Wholesale deliveries totaled 8.97 million vehicles in the previous 12-month period.
The company now expects its retail sales to dip to 10.0 million in the current fiscal year from 10.27 million a year earlier. It affirms its full-fiscal-year net profit forecast of 2.25 trillion yen ($18 billion).
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
on the Genesis GV60 interior, EV sales in H1, Bentley Bentayga's wood work, Faurecia's advanced manufacturing & more
The strange glowing orb in the Genesis GV60. . .global EV sales in the first half. . .creating wood for the Bentayga interior. . .the importance of material handling at Faurecia. . .lux ATPs. . .fast Porsche. . .fast Lambo. . .the Avalon Hybrid. . .Silverado steel. . .