The world’s largest automaker has now posted the industry’s largest profit for the final quarter of 2013, Toyota Motor Co. earnings increasing by more than 500%, much of that momentum driven by the weak yen.
Toyota earned 525.4 billion yen, or $5.2 billion, for the October-December period, the third quarter of the Japanese fiscal year, up from 99.9 billion yen a year earlier. The maker’s quarterly sales, meanwhile, surged by 24%, to 6.6 trillion yen, or $64.2 billion.
Toyota’s earnings handily exceeded the 437 billion yen, or $4.3 billion, consensus forecast of industry analysts polled by tracking firm FactSet. That’s a sharp shift from recent days during which a number of key corporations have fallen short of industry estimates, driving a sharp sell-off of stocks in Asia and on other markets around the world.