Toyota's is also showing that sales might not be the most important thing. Even with the record-setting financial numbers, volume actually dropped slightly to 2.114 million vehicles, down 127,285 from the same period last year. Deliveries fell in most of company's major markets, including in Asia, Europe, and in Japan itself. North America bucked that trend, though, and sales jumped to 728,813 units, an 18,404-vehicle improvement. Operating income on this continent also grew to $1.25 billion.
Toyota is also revising its global sales forecast upward to 8.95 million vehicles, compared to 8.9 million previously. Net income is also expected to grow to $19.2 billion. In the last fiscal year, the automaker delivered around 9 million units and posted a net income of 18.1 billion.
August 04, 2015
Toyota's global net income increased 10 percent for the 2016 fiscal year first quarter that ended June 30, 2015.
Global Financial Highlights:
Global sales of 2.11 million vehicles decreased by 127,285 units compared to the same period last fiscal year. North America posted sales gains, while Europe, Asia and other regions declined.
Consolidated net revenues for the period totaled 6.98 trillion yen (*$57.7 billion), up 9.3 percent
Operating income increased to 756.0 billion yen ($6.25 billion), up 9.1 percent
and net income jumped to 646.3 billion yen ($5.34 billion), a 10 percent increase
(*all currency translations above are approximate and based on an average 121-yen-to-dollar exchange rate)
North America Financial Highlights:
Sales increased by 18,404 vehicles to 728,813 units
Operating income (excluding valuation gains/losses from interest-rate swaps) increased to 151.1 billion yen (*$1.25 billion).
(*currency translations above are approximate and based on an average 121-yen-to-dollar exchange rate)
Fiscal Year Global Forecast (April 1, 2015 – March 31, 2016):
Global consolidated vehicle sales has been revised from 8.9 million to 8.95 million
Consolidated net revenue is 27.8 trillion yen (*$237.6 billion)
Operating income is 2.8 trillion yen ($23.9 billion)
and net income is 2.25 trillion yen ($19.2 billion)
(*all currency translations above are approximate and based on a projected 117-yen-to-dollar exchange rate)
TMC Announces First Quarter Financial Results
(All consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles)
Toyota City, Japan, August 4, 2015—Toyota Motor Corporation (TMC) today announces its financial results for the first quarter ended June 30, 2015.
Consolidated vehicle sales for the first quarter totaled 2,114,000 units, a decrease of 127,285 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 6.98 trillion yen, an increase of 9.3 percent. Operating income increased from 692.7 billion yen to 756.0 billion yen, while income before income taxes1was 845.2 billion yen. Net income2increased from 587.7 billion yen to 646.3 billion yen.
Operating income increased by 63.2 billion yen. Major factors contributing to the increase included currency fluctuations of 145.0 billion yen and cost reduction efforts of 60.0 billion yen.
Commenting on the results, TMC Managing Officer Tetsuya Otake said: "Operating income increased by 63.2 billion yen compared to the same period of the last fiscal year. Favorable foreign exchange rates and cost reduction efforts were main positive factors, while decreased vehicle sales and increased expenses to support initiatives for enhancing competitiveness were negative factors."
In Japan, vehicle sales totaled 469,971 units, a decrease of 35,856 units. Operating income increased by 109.8 billion yen to 475.8 billion yen.
In North America, vehicle sales totaled 728,813 units, an increase of 18,404 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 1.4 billion yen to 151.1 billion yen.
In Europe, vehicle sales totaled 206,374 units, a decrease of 1,107 units, while operating income decreased by 3.0 billion yen to 7.8 billion yen.
In Asia, vehicle sales totaled 328,602 units, a decrease of 56,774 units, while operating income decreased by 10.2 billion yen to 100.0 billion yen.
In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 380,240 units, a decrease of 51,952 units, while operating income increased by 3.9 billion yen to 38.0 billion yen.
Financial services operating income decreased by 28.0 billion yen to 70.1 billion yen, including a loss of 26.6 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 14.7 billion yen to 96.8 billion yen.
For the fiscal year ending March 31, 2016, TMC revised its consolidated vehicle sales forecast from 8.9 million units to 8.95 million units, in consideration of the latest sales trends worldwide.
TMC also revised its consolidated financial forecasts for the fiscal year. Based on an exchange rate assumption of 117 yen to the U.S. dollar and 127 yen to the euro, TMC now forecasts consolidated net revenue of 27.8 trillion yen, operating income of 2.8 trillion yen, income before income taxes of 2.98 trillion yen and net income of 2.25 trillion yen.