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Exchange Rates Drive Toyota’s Profits to a New Record

Currency shifts, cost cuts overcome sales slide.

by on Aug.04, 2015

Sales of the recently redesigned Camry helped Toyota boost sales in North America.

Toyota Motor Co. reported net profits of 646.3 billion yen, or $5.2 billion, for the April-June quarter, a 10% increase, and the maker’s third consecutive record for the quarter. But the numbers barely concealed some fundamental problems facing the Japanese giant.

Worldwide sales were down by almost 6% for the first quarter of the Japanese fiscal year, to 2.1 million, with the maker facing a number of problems across Asia. As a result, Toyota lost its global sales crown for the first half of 2015 to Germany’s Volkswagen AG.

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The sales decline was “a result of weaker sales in Japan,” and emerging markets like China and India, “despite stronger sales in North America,” said Tetsuya Otake, managing officer of Toyota, during a telephone news briefing.

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Toyota Earnings Up Over 500% on Weaker Yen

Japanese giant raises forecast – but also faces some problems.

by on Feb.04, 2014

The Prius has helped drive Toyota sales worldwide.

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.

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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.

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Toyota Sharply Downgrades Earnings Forecast

Blames strong yen, Thai flooding.

by on Dec.09, 2011

Toyota faces a grim fiscal year.

Weeks after company officials expressed their hopes that things were getting back to normal, Toyota officials have issued a bleak forecast that sharply downgrades its earnings for the rest of the fiscal year.

Having earlier cut earnings projections due to the March 11 earthquake and tsunami that devastated Japan – and led to months of automotive production cuts – Toyota now says the strong yen, as well as Thai flooding, will reduce its earnings for the fiscal year, which ends March 31, by more than half.

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The maker now anticipates a net profit of 180 billion – or $2.3 billion at the current exchange rate – down from the 390 billion yen it forecast in August.  During a conference call this morning it also said revenues will dip from the earlier forecast of 19 trillion yen to just 18.2 trillion, or $234.4 billion.

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Toyota’s Profits Tumble By 99%

Hit hard by Japan’s March disaster, as well as weak U.S. dollar.

by on Aug.02, 2011

CEO Akio Toyoda says Toyota faces serious headwinds even after recovering from Japan's March disaster.

Toyota Motor Co. pointed its corporate finger at the March 11 Japanese earthquake and tsunami for the 99% decline in its earnings for the first-quarter of its latest fiscal year – but longer-term concerns about the strong yen pose problems that could extend well into the future, the automaker warned.

The maker raised a previously bleak earnings forecast for the full 2012 fiscal year, but the increase still fell below the general consensus of industry analysts who have been observing the maker’s ongoing recovery from the March disaster, which cost Toyota 599,000 units of last production for the April – June quarter.

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“In Japan and North America where the effects of the earthquake were particularly serious, vehicle sales declined substantially,” noted TMC Senior Managing Officer Takahiko Ijichi.

For the quarter ending June 30, Toyota’s net income plunged to just 1.1 billion yen, or $14 million, down from 190 billion yen, or $2.5 billion, a year earlier.  Sales and revenues fell by 30%, to 3.44 billion yen, or $44.5 million.

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Toyota Profits Down – But Big Increase Forecast

Maker hammered by strong yen, but bets on cost-cutting, emerging market demand.

by on Feb.08, 2011

Toyota is hoping to boost sales - and profits - with a new Prius sub-brand of hybrids.

Hammered by a strong yen, the end of green car incentives at home and the cost of reining in quality and safety issues, Toyota Motor Co. is reporting a sharp, 39% decline in its fiscal third-quarter net earnings, but the maker now expects full-year profits to come in at 40% above previous forecasts, largely driven by sales in emerging markets.

While vehicle sales slipped during the October – December quarter, the world’s largest automaker also predicts sales will recover and see a slight increase before the fiscal year ends on March 31st.  Toyota just narrowly maintained its lead over global second-ranked General Motors during the 2010 calendar year, but the Japanese maker now anticipates selling 7.48 million vehicles worldwide for its current fiscal year, an increase of 70,000 over its earlier forecast.

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Though the third-quarter was a challenging one, a survey of industry analysts suggests the results were in line with, or slightly better than, most had forecast.  Net income dipped to 93.6 billion yen, or $1.14 billion at the current exchange rate.

A variety of factors can be pointed to for Toyota’s recent problems.  There are higher material costs.  The Japanese home market suffered a downturn due to the government’s cancellation of the green car incentive program.  And sales in North America took hits – despite the general recovery of the U.S. economy – due to the apparent impact of the maker’s ongoing safety problems.

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