Toyota Motor Co. delivered a 14% increase in earnings during the most recent quarter, outstripping analysts’ expectations. The maker also said it is raising its forecast for the full fiscal year, even though it cut the estimate of how many vehicles it will sell.
Toyota delivered net earnings of 600 billion yen, or $5.1 billion, between October and December – the third quarter in its fiscal year. Industry analysts surveyed by FactSet had anticipated a profit of 540 billion yen, or $4.6 billion.
The Japanese maker – which remained the world’s best-selling automotive manufacturer in 2014 – credited several factors for the strong performance, including the lift it got from the weakening yen, as well as cost-cutting efforts. (more…)