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Toyota Rounds Out Year with $19.8B in Net Income

Japanese maker takes global sales hit.

by on May.08, 2015

Toyota's Akio Toyoda said the company's strong profits were due to cost-cutting efforts and a weak yen.

Toyota’s full-year financial results are the very definition of getting more from less as the company’s net income rose nearly 20% while its vehicle sales dropped globally.

The company’s fiscal year ends March 31, and it reported net income of $19.8 billion – a 19.2% jump – on revenue of $248 billion, which is an increase of 6%. The company’s operating income was also up 20% to $25.1 billion.

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The maker finished its year with a flourish. Its fourth-quarter net income rose to $3.73 billion, from $2.48 billion from the year-ago period. Operating profit jumped 46% to $5.31 billion compared with $3.65 billion. Toyota’s revenue increased 8.4% to $59.52 billion in the period. (more…)

Toyota Posts Strong Quarterly Results

Net income of 190 billion yen ($2.2 billion) comes from selling 419,000 more vehicles. Production, profit forecasts increased.

by on Aug.04, 2010

Challenges remain with currency value, the end of incentives in Japan, and a weak Europe.

Sales and profits increased strongly at Toyota Motor Corporation as the Japanese giant this morning posted a profit in its first quarter of fiscal year 2011. TMC had produced a large loss in the year earlier quarter.

Toyota made a 190.47 yen billion net profit in its quarter ended June 30, a turnaround from net loss of 77.82 billion yen in the same quarter a year earlier. This is Toyota’s highest quarterly net profit since Q2 of 2008.

On a consolidated basis, net revenues for the first quarter totaled 4,871.8 billion yen, an increase of 27.0% compared to the same period last fiscal year. Operating income increased from a loss of 194.9 billion yen to 211.6 billion yen, while income before income taxes and equity in earnings of affiliated companies was 263.0 billion yen. Operating income increased by 406.5 billion yen.

Toyota said major factors contributing to the increase include the effects of marketing efforts of 400 billion yen and cost reduction efforts of 50 billion yen. The finance unit also posted strong profits as residual values increased.

Toyota said it expects to increase marketing expenses in the second quarter to increase volume. In the U.S. for example, Toyota vehicle sales decreased by 7%, even though the overall market increased 5% in August. North America remains Toyota’s largest market, followed by Japan.


Toyoda Ducks Question of NHTSA Fines

Head of Toyota ignores effects of more than $16 million in fines.

by on Apr.07, 2010

Toyota executives remain reticent about recall and incentive costs.

In his remarks at an investor conference this morning, Akio Toyoda ignored the potential financial impact of what are the largest civil fines in U.S. history on the Japanese company he heads.

On Monday, U.S. Transportation Secretary Ray LaHood announced that the National Highway Traffic Safety Administration (NHTSA) is seeking the maximum civil penalty of $16.4 million against Toyota Motor Corporation for failing to notify the auto safety agency of what turns out to be a potentially fatal “sticky pedal” defect for at least four months. (See Toyota Broke Law! NHTSA Seeks Maximum Fines)

The Japanese company did this “despite knowing of the potential risk to consumers.” Approximately 2.3 million vehicles in the U.S. were recalled in late January for the sticky pedal defect.

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“As we believe you may know, Toyota’s basic stance is to emphasize customer safety above all else and to practice rigorous quality control for this purpose.

“If, however, there are any issues we make a thorough investigation of the causes, implement countermeasures, make repairs and improvements. This is a firm and unwavering conviction that we have held since our inception,” said Toyoda.


Toyota Loses ¥77.8 billion in its First Quarter

The bigger the giant is, the harder it falls. Is the worst over?

by on Aug.04, 2009

Another year before the red ink stops flowing, according the the family scion.

Another year before the red ink stops flowing, according the the family scion.

Toyota Motor Corporation lost more than $815 million in the first quarter of its fiscal year, as revenues declined 38% when compared with its first quarter of last year.

The swing into negative numbers was breathtaking. Net income attributable to Toyota Motor Corporation decreased from ¥353.6 billion to a loss of ¥77.8 billion or $4.52 billion. Major factors for the decline include ¥650 billion due to the effects of declining sales volume and mix, and ¥140 billion due to the appreciation of the Japanese Yen, mainly against the U.S. dollar and the Euro.

Critics have maintained for years that the Japanese government manipulates the value of the Yen to subsidize its export driven economy, but the global Great Recession has upset that equation.

“Although we were able to make certain improvements in fixed cost and cost reduction efforts, the decline in vehicle sales and the appreciation of the Japanese yen had a severe impact on our earnings,” said TMC Senior Managing Director Takahiko Ijichi.

Consolidated vehicle sales for the first quarter amounted to 1.4 million units, a decrease of 785,000 vehicles from the same period last fiscal year. Roughly speaking that’s the equivalent of three final assembly plants working full time, to say nothing of the stamping and component plants that support them.

Nevertheless, the world’s largest automaker upped its full year forecast to net revenues of ¥16.8 trillion, but still with an operating loss of ¥750.0 billion, a loss before income taxes and equity in earnings of affiliated companies of ¥700.0 billion and net loss of ¥450 billion, or $4.7 billion. These projections are based on the assumption of the foreign exchange rates: ¥90:$1, ¥130:€1.


Toyota Topsy-Turvy with $7.7 Billion Quarter Loss

Revenues dive 71%, with no upturn in sight. Future prospects are grim with another $6 billion loss predicted.

by on May.08, 2009

Akio Toyoda, CourtesyToyota

Akio Toyoda, the founder of the company's grandson, takes over next month as more losses are predicted.

Toyota Motor Corporation finished off fiscal 2009 with a huge $7.7 billion loss during the fourth quarter of the traditional Japanese fiscal year, which ended March 31. The fourth quarter loss left the Japanese auto giant with a decidedly non-traditional full-year loss of $4.4 billion, the largest in the company’s 71-year history. Net revenues dropped 22%.

Toyota also released guidance that it expects another loss ¥550 billion or nearly $6 billion for the coming year. The company, used to never-ending expansion, is having extreme difficulties managing contraction.

“Both revenues and profits declined severely during this period,” said President Katsuaki Watanabe, who is being replaced next month by Akio Toyoda, the founder of the company’s grandson.

“The negative impact was a consequence of the significant deterioration in vehicle sales, particularly in the U.S. and Europe, the rapid appreciation of the yen against the U.S. dollar and the Euro and the sharp rise in raw materials.”

Subscribe to“It appears that it will take some more time before the financial markets in the U.S. and Europe normalize and the global economy recovers,” Watanabe predicted

The Japanese automaker reported that North American vehicle sales dropped more than 25% to 2.21 million units. The North American unit also finished the fiscal year with a ¥390 billion loss or a -$4.2 billion based on an exchange rate of ¥93 to the dollar

“The decrease in operating income was mainly due to decreases in both production volume and vehicles sold, and increases in the provision for credit losses, net charge-offs and allowance for residual value losses in sales finance subsidiaries in the United States of America,” Toyota said.    (more…)