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Toyota’s Profits Rise a Surprising 7%
Toyota Motor Corp. posted a 7% gain in quarterly net income, surprising analysts who had expected flat results for the period.
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Toyota Motor Corp. posted a 7% gain in quarterly net income, surprising analysts who had expected flat results for the period.
The company’s net income for its fiscal first quarter ended June 30 climbed to a record 657 billion yen ($5.9 billion) from 613 billion yen, aided by cost reductions and strong sales in the U.S. and southeast Asia. Operating income surged 19% to 683 billion yen ($6.1 billion).
Toyota’s consolidated unit sales rose 1% to 2.24 million units for the quarter. Revenue gained 4% to 7.4 trillion yen ($68.3 billion).
The company continues to target full fiscal year net revenue of 29 trillion yen ($260 billion), down 4% from the previous 12-month period. It also reiterates its net income target of 2.1 trillion yen ($66 billion).
But Toyota, citing possible U.S. tariffs on foreign-made vehicles, lowered its sales forecast by 50,000 units to 8.90 million cars and trucks. The company expects to offset the shortfall with greater cost-cutting measures.
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