Toyota’s Net Profit Climbs 28%

Toyota Motor Corp. reports that its net profit in July-September grew 28% to 585 billion yen ($5.2 billion).

The company attributes most of the gain to cost-cutting measures. It says those efforts will accelerate through the second half of the fiscal year that began on April 1. The company attributes most of the gain to cost-cutting measures. It says those efforts will accelerate through the second half of the fiscal year that began on April 1. Toyota also says it will buy back about $2.2 billion of its stock.

Quarterly unit sales, including its Daihatsu minicar and Hino commercial truck units, were flat at 2.18 million vehicles. But a richer mix of models resulted in a 2% revenue gain to 7.3 trillion yen ($64.5 billion).

Sales volume for the three-month period declined in the company’s two largest markets, shrinking 4% in Japan and 1% in North America. But those loses were offset by gains of 9% in Asia, 5% in Europe and 10% in Central/South America.

The carmaker reiterates its forecast for consolidated vehicle sales of 8.90 million in the current fiscal year. But it raised its financial guidance to net revenue of 29.5 trillion yen ($260 billion), an operating income of 2.4 trillion yen ($21.2 billion) and net income of 2.3 trillion yen ($20.3 billion).