Toyota lifts earnings forecast on strong Q3
Print Edition
Toyota has raised its full-year earnings forecast after its third-quarter profit rose by almost 5 percent as a weaker yen and cost reductions offset declining sales in some markets.
Toyota Motor Corp, the world’s biggest carmaker by vehicle sales, yesterday reported a 627.9 billion yen (US$5.4 billion) profit for the October-December quarter, up from 600 billion yen a year earlier.
Quarterly sales rose 2 percent to 7.34 trillion yen.
The company subsequently raised its annual profit forecast to 2.27 trillion yen from 2.25 trillion yen.
The higher profit projection comes despite a six-day production halt this month because of a parts shortage caused by an explosion at an Aichi Steel Corp manufacturing plant. Vehicle production in Japan will be suspended next week, but overseas production won’t be affected.
Over the three month period through December, Toyota’s vehicle sales rose in North America, but fell in Japan, Europe and Asia.
Managing Officer Tetsuya Otake said cost reductions and a weaker-than-expected yen offset sales expenses.
Although Toyota stumbled with massive recalls several years ago, mostly in the United States, over a variety of defects, it has recently shifted gears to pursue growth more aggressively. The company sold 10.15 million vehicles around the world last year.
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