Toyota’s Quarterly Net Income Rises 13%

Toyota Motor Corp.'s vehicle sales were virtually flat at 4.48 million units in July-September. But revenue improved 3% to 12.9 trillion yen ($112 billion), and net income climbed 13% to 1.23 trillion yen ( $10 billion).

The company's operating income grew 8% to 1.35 trillion yen ($12 billion) in the fiscal second quarter. Results were aided by cost cutting and favorable currency rates.

Toyota's North American operations boosted sales 7% to 1.4 million units in the fiscal second quarter. Operating income, excluding interest rate swaps, jumped 56% to 289 billion yen ($2.5 billion).

Results also improved in Europe. Unit sales advanced 2% to 414,200 units, and operating income jumped 30% to 33 billion yen ($290 million).

But Toyota's results weakened in Asia. Unit sales in Japan dropped 7% to 1.03 million vehicles, and operating income fell 13% to 719 billion yen ($6.3 billion). Elsewhere in the region, sales slipped 3% to 754,800 units, and operating income shrank 7% to 213 billion yen ($1.9 billion).

Toyota revised its full-fiscal-year outlook by lowering its vehicle sales forecast 50,000 units to 9.05 million units. But the company expects to post record net revenue (26.5 trillion yen, or $231 billion), operating income (2.5 trillion yen or $22 billion) and net income (2 trillion yen or $17 billion).