Toyota posts higher than expected quarterly profits
These numbers will no doubt be heavily compared to General Motors' unadjusted loss of $3.2 billion last quarter and Ford's $254 million loss. Though GM's loss appears to be horrific, the one-time cost of buying out 30,000 employees and other special items account for most of the red ink. Minus those items, GM actually posted a profit of $1.2 billion that also beat analysts expectations and sent its stock surging. Ford, however, whose Way Forward Plan was expected to produce a modest profit last quarter, is being forced to redouble its turnaround efforts after the unexpected loss.
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