Japanese auto giant Toyota Motor Corp. (TM: Quote,TYT.L) on Tuesday lifted its full-year forecasts after a significant rise in profit in the nine-month period, with strong growth in North America.
TMC revised up its guidance for net income to 860 billion yen from 780 billion yen for fiscal year 2013.
Consolidated net revenue is now seen at 21.8 trillion yen, in comparison with the previous forecast of 21.3 trillion yen.
Operating income is now expected to be 1.15 trillion yen compared with the previous forecast of 1.05 trillion yen.
TMC also revised its consolidated vehicles sales forecast for fiscal year 2013 to 8.850 million units from 8.750 million units, an increase of 100,000 units from the previous forecast announced in November 2012. The revision follows the increased overseas vehicle sales, mostly in North America.
Net income attributable to the company for the third quarter increased 23.4 percent to 99.9 billion yen from 80.9 billion yen in the prior year. Operating income dropped to 124.7 billion yen from 149.6 billion yen in the previous year.
Net revenues for the quarter climbed 9.3 percent to 5.32 trillion yen from 4.87 trillion yen in the prior year.
For the nine-month-period, net income surged to 648.1 billion yen from 162.5 billion yen, backed by marketing activities and cost reduction. Net revenues climbed 26 percent to 16.2 trillion yen.
Operating income increased to 818.5 billion yen from 117.1 billion yen. Consolidated vehicle sales for the nine months totaled 6.629 million units, an increase of 1.634 million units from last year.
In North America, vehicle sales totaled 1.865 million units, up 596,587 units from last year and operating income also improved.
In Europe, vehicle sales totaled 603 thousand units, an increase of 23,365 units from the prior year. Operating income increased by 12.7 billion yen to 21.3 billion yen.
In Asia, vehicle sales amounted to 1.267 million units, an year-over-year increase of 373,635 units. Operating income increased by 115.2 billion yen to 286.3 billion yen.
Commenting on the results, TMC Senior Managing Officer Takahiko Ijichi said, "Our consolidated operating income for the period April through December 2012, 818.5 billion yen, reflects our increased vehicle sales and the progress we are making with our profit improvement activities—in spite of a currency exchange rate around the same level as last year."
The stock fell 1.2 percent in Tokyo to 4,540 yen.
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by RTT Staff Writer
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