Toyota Motor Corp. (TM: Quote) reported Friday a sharp increase in first-quarter profit, as the Japanese automotive giant's consolidated vehicle unit sales jumped 85.7 percent from last year. The company backed its net income and revenue outlook for fiscal 2013 and boosted its sales view.
Takahiko Ijichi, senior managing officer stated, "In all regions, vehicle sales increased significantly due to strong recovery of demand which had suffered last year from the lack of supply caused by the Great East Japan Earthquake. Despite the Yen's appreciation, operating income increased substantially thanks to increased vehicle sales and cost reduction efforts including our company-wide VA activities."
According to the company, the major growth drivers include positive effects from marketing activities of 440 billion yen, cost reduction efforts of 70 billion yen, and negative effects from currency fluctuations of 40 billion yen.
Consolidated vehicle sales for quarter grew 85.7 percent to 2,269 thousand units. Vehicle sales in Japan totaled 577 thousand units, up 97.3 percent from the year-ago period.
Overseas vehicle unit sales also increased 82.1 percent to 1,692 thousand units. In North America, sales increased 387 thousand units to 663 thousand units and in Europe, vehicle sales totaled 209 thousand units, up 35 thousand units a year earlier.
Net revenues from Automotive operations increased 67.3 percent, while Financial services net revenues decreased 4 percent.
In the first quarter, net income attributable to the company jumped to 290.35 billion yen or 91.68 yen per share from 1.16 billion yen or 0.37 yen per share reported last year. Operating income increased from a loss of 108 billion yen to 353.1 billion yen.
Consolidated net revenues for the quarter increased 59.9 percent to 5.5 trillion yen from 3.44 trillion yen.
Looking ahead to fiscal 2013, the company still expects net income and revenue to be 760 billion yen and 22 trillion yen, respectively. The company also said it is maintaining its operating income forecast of 1 trillion yen.
TMC estimates consolidated vehicles sales for the fiscal 2013 to be 8.8 million units, an increase of 100 thousand units from its prior forecast, due to increased sales volume in Japan and North America.
In Japan, Toyota shares closed today's trading at 3,065 yen, up 0.66 percent.
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by RTT Staff Writer
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