Autoblog

Toyota profits up 23% on high US sales, despite mounting legal costs

Zach Bowman — Tue, 05 Feb 2013 18:01:00 EST

Filed under: Japan, Lexus, Scion, Toyota, Earnings/Financials

Toyota earned $9.3 billion in net income in the financial year that ends next month. The number beats earlier forecasts and marks a five-year high for the automaker, with both operating income and revenue up by 9.5 percent and 2.5 percent, respectively. Toyota saw quarterly profit enjoy a year-on-year jump of 23.4 percent, with the manufacturer earning more than $1 billion between October and December 2012. The good news comes in spite of the fact that the Japanese automaker actually endured an operating loss in North America, due in part to legal fees.

Toyota is set to pay more than $1 billion to owners who claim their vehicles decreased in value as a result of the company's recent spate of recalls. Even so, all three of the automaker's brands enjoyed a 13.5 percent sales increase in the US in the last quarter, beating the industry average. Toyota faltered in Europe, however, where it earned $99 million in operating profit last year, compared to $111 million in 2011. You can take a closer look at the company's full press release below for more information.

Continue reading Toyota profits up 23% on high US sales, despite mounting legal costs

Toyota profits up 23% on high US sales, despite mounting legal costs originally appeared on Autoblog on Tue, 05 Feb 2013 18:01:00 EST. Please see our terms for use of feeds.

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Toyota sales surge by 45% in Q3, global forecast raised

Zach Bowman — Mon, 05 Nov 2012 13:59:00 EST

Filed under: Japan, Toyota, Earnings/Financials

Automotive News reports Toyota saw a sizable jump in third-quarter North American sales and has adjusted its global forecast accordingly. All told, the Japanese automaker sold 598,000 units in North America during the last quarter, marking an increase of 45 percent over the same time period last year. As a result, operating profit in the region also increased to $807.1 million, though Toyota also credits much of that figure to additional output. The company stepped up North American production by 42 percent in the third quarter.

Last year at this time, the automaker was still reeling from the earthquake and tsunami disasters that struck Japan that March, and with its supply lines crippled, Toyota was forced to cut back production.

Like other Japanese automakers, Toyota has seen its sales in China plummet. Sales in the region fell off by some 49 percent in September compared to the same month a year prior due to anti-Japanese protests in the country.

Toyota sales surge by 45% in Q3, global forecast raised originally appeared on Autoblog on Mon, 05 Nov 2012 13:59:00 EST. Please see our terms for use of feeds.

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Toyota releases financial results, predicts profits will double in 2012

Jeff Sabatini — Wed, 09 May 2012 18:30:00 EST

Filed under: Toyota, Earnings/Financials

Things are good again at Toyota, which reported a $1.5 billion profit for the quarter, wrapping up a fiscal year in which it made just $3.5 billion, according to Business Week.

While Toyota saw sales growth in Europe, Africa, and its home market, North America was a weak point. Sales revenue for the fiscal year totaled $232 billion, down two percent, according to the report.

Though the company still beat its forecast of $2.5 billion, the real excitement surrounds its projections for the next 12 months. As predicted by analysts, Toyota says it expects to make $9.5 billion in the year that extends through March of next year, showing that the automaker has fully recovered from the effects of last year's tsunami, according to the report.

Toyota releases financial results, predicts profits will double in 2012 originally appeared on Autoblog on Wed, 09 May 2012 18:30:00 EST. Please see our terms for use of feeds.

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Toyota sharply lowers profit forecast in wake of Thai floods

Chris Shunk — Mon, 12 Dec 2011 10:30:00 EST

Filed under: Japan, Plants/Manufacturing, Toyota

2011 has been a trying year for Toyota, as the earthquake and tsunami in Japan and the flooding in Thailand have conspired to slow vehicle production and cut into profits. Toyota lowered its profit forecast after the Japan disaster, and now Automotive News reports that the automaker is once again cutting expected profits by a significant margin.

Toyota has cut its forecast by 54 percent to reflect manufacturing issues resulting from the Thailand floods. The company is now expecting to make $2.3 billion in the fiscal year ending March 31. In a down economy, a profit is a profit, but this is a far cry from the $10 billion or more Toyota had been earning annually for years.

The revised profit forecast is reportedly less than half of what analysts have expected. The flooding alone will reportedly account for more than $1.5 billion in lost profits. Toyota has also cut vehicle production numbers from 7.6 million vehicles to 7.38 million.

While this is all bad news for Toyota, it's safe to say that the automaker remains in pretty good shape overall. After all, the Japanese automaker has suffered through two major natural disasters in a matter of six months, and it's still expecting a profit. When compared to the billions of dollars lost by Ford, General Motors and Chrysler due to man-made factors a few years ago, the situation at Toyota is hardly as dire as it could be.

Toyota sharply lowers profit forecast in wake of Thai floods originally appeared on Autoblog on Mon, 12 Dec 2011 10:30:00 EST. Please see our terms for use of feeds.

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Toyota details plans for October sales growth

Zach Bowman — Wed, 05 Oct 2011 08:28:00 EST

Filed under: Toyota, Earnings/Financials

Toyota saw another unfortunate month of sales in September. The automaker saw its sales figures fall by 18 percent compared to the same time last year, thanks largely to lower-than-average dealer inventory brought on by this year's earthquake and tsunami disasters. Toyota sold 121,451 vehicles in the U.S. last month across its three brands. The company moved 147,162 vehicles during the month of September last year.

Even so, the automaker says that October will show sales improvements, according to Automotive News. Bob Carter, group vice president of Toyota Motor Sales, said that right now, U.S. dealers have a 30-day supply of vehicles, and that inventory will continue to grow in the coming months.

Carter also underscored the fact that his company would reverse a five-month trend of sales losses in October and once again post gains. That's likely to be true given that the 2012 Toyota Camry and Camry Hybrid are likely to bring in buyers as well as the company's Prius V. In addition, the 2012 Yaris is slated to show up in the fourth quarter alongside the Scion iQ.

Toyota details plans for October sales growth originally appeared on Autoblog on Wed, 05 Oct 2011 08:28:00 EST. Please see our terms for use of feeds.

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Toyota bracing for 31% drop in profit

Zach Bowman — Fri, 10 Jun 2011 10:01:00 EST

Filed under: Japan, Toyota, Earnings/Financials

Toyota has announced that the company's net income for the fiscal year ending in March may decrease by as much as 31 percent compared to one year earlier. According to Automotive News, the Japanese automaker expects to earn around 280 billion yen, which is about $3.5 billion at current conversion rates. Last year, the company raked in 408 billion yen, or around $5.1 billion. The projected earnings are a far cry from what analysts had predicted. Bloomberg recently averaged the forecasts of 13 analyst estimates at 421.8 billion yen, or $5.3 million.

Toyota is facing a number of hurdles related to the shortfall. Chief among those are production delays tied to the earthquake and tsunami disasters that struck Japan in March of this year. Toyota has a higher level of Japanese production than rivals like Honda or Nissan, and it may take longer for the manufacturing giant to get back on its feet. As a result, Toyota is bracing for a sales decline tied to fewer available vehicles.

In addition, the yen is currently at its highest level against the dollar since the end of World War II, which is making the company's exports less and less profitable.

Toyota bracing for 31% drop in profit originally appeared on Autoblog on Fri, 10 Jun 2011 10:01:00 EST. Please see our terms for use of feeds.

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Toyota Q4 profits fall 77% due to quake

Chris Shunk — Wed, 11 May 2011 15:31:00 EST

Filed under: Japan, Plants/Manufacturing, Toyota, Earnings/Financials

Toyota has announced profits of $314 million for the first three months of 2011, down 77 percent versus the automaker's fiscal fourth quarter a year earlier. Toyota still managed a profit in spite of the March 11 earthquake that shuttered most Japanese plants, yet the $314 million is only a fourth of what analysts were expecting Toyota to make. Toyota's sales were predictably low for the quarter, and revenue was hurt as a result.

Toyota's profits for its fiscal fourth quarter may be disappointing, but the automaker is likely to release still worse numbers for the period through June. The automaker is still struggling through supply issues, with many plants running at only 50-percent capacity if they're running at all. Further, the automaker says that dealers in the U.S. and China are likely to see less product in the coming months, which could lead to much lower revenue.

On a brighter note, Toyota now says that production should ramp up to 70 percent of capacity by June, up from previous estimates of July or August. That should help get Toyota back on its feet faster, which is good for everyone.

For the year, Toyota earned $5.9 billion, or nearly three times the profit of fiscal year 2009. Revenue was also up by .2 percent to $237 billion on sales of 7.3 million vehicles, up by 71,000 units compared to 2009. Sales in the U.S. were down by 67,000 units.

Hit the jump to read over the Toyota press release, which includes volume and revenue breakdowns by region.

Continue reading Toyota Q4 profits fall 77% due to quake

Toyota Q4 profits fall 77% due to quake originally appeared on Autoblog on Wed, 11 May 2011 15:31:00 EST. Please see our terms for use of feeds.

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Report: In spite of recalls, Toyota raising annual forecast

Chris Paukert — Thu, 04 Feb 2010 10:28:00 EST

Filed under: Recalls, Safety, Toyota, Earnings/Financials

Despite internal predictions that its current throttle-related recall costs may dent company coffers by up to $2 billion this quarter, Toyota has raised its projections for the fiscal year ending in March. That's according to Reuters, who note that the increase comes after the automaker beat its third quarter estimates.

Toyota had previously stated that it expected to incur a 350 billion yen loss (around $3.86 billion USD), and now it says it only expects to lose 20 billion yen ($220 million). Toyota's previous forecast was considered "excessive conservative," with outside brokerage houses predicting a loss of around 38 billion yen.

According to the news agency, Toyota says the updated forecast includes around 100 billion yen for recall costs (about $1.1 billion), and another 70-80 billion yen for lost sales (around $830 million), yet at the same time, Toyota says it expects to save some 1.59 trillion yen ($17.5 billion) via "emergency profit measures, an increase over earlier estimates.

Toyota stock has taken a drubbing over the two weeks since this wave of recalls began, with shares having been down as much as 23 percent - some $30 billion.

[Source: Reuters via Automotive News - subs. req.]

Report: In spite of recalls, Toyota raising annual forecast originally appeared on Autoblog on Thu, 04 Feb 2010 10:28:00 EST. Please see our terms for use of feeds.

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Toyota makes money in its Q2, but Tundra incentives take their toll

John Neff — Wed, 07 Nov 2007 13:34:00 EST

Filed under: Toyota, Earnings/Financials

Whenever we talk about GM's performance in the global market, people invariably want to hear about how well Toyota is doing in the same arena. The Japanese automaker has been nipping at the General's heels in terms of the number of units each automaker has sold globally so far this year. Earlier in the year, Toyota actually surpassed GM in global sales, but the American auto giant has since regained the lead in year-to-date global sales and keeps it through Q3.

On a global scale, Toyota performed quite well in its own fiscal second quarter, which is the same period as the calendar year third quarter for most companies. During this period, Toyota earned its second highest ever operating profit of $5.01 billion, but its North American figures were hurt by a few factors, chief among them being incentives required to increase sales of its Tundra full-size pickup. Higher raw material costs and, of course, the subprime market meltdown are also contributing factors.

Regardless, Toyota isn't budging on how many vehicles it expects to sell worldwide during its fiscal year that ends March 31, 2008. In fact, it's raised its target to 8.93 million units, up some 40,000 units from previous estimates. Seems that despite recent bumps in the road concerning quality concerns over the car and trucks it sells in the U.S., Toyota's juggernaut keeps on steaming ahead.

[Source: Automotive News, sub. req'd]

Toyota makes money in its Q2, but Tundra incentives take their toll originally appeared on Autoblog on Wed, 07 Nov 2007 13:34:00 EST. Please see our terms for use of feeds.

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