Toyota has just released its earnings report for the quarter spanning April through June and the Japanese automaker has posted an operating profit of $4.45 billion. Toyota’s profits even beat the optimistic projections of most analysts. Its North American outfit accounted for a little over $1.2 billion of the company’s quarterly profit.
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.
[Source: Reuters]