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Toyota triples quarterly profit

Published: November 5, 2012 | 7:33 am
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Toyota says it tripled its global net earnings to $3.2 billion for the quarter ended Sept. 30 compared to the same period last year.

For the first half of its fiscal year, profit rose 572.1% compared to last year, pushed along by soaring sales in the U.S.

The huge jump in net income to the Japanese yen equivilent of $6.8 billion came on a 36.1% increase in revenue, to $135 billion Toyota said in a release from its headquarters in Toyota City, Japan, that much of its better performance was due to cost-reduction effort, though they were offset somewhat by a stronger yen.

“We have seen a significant increase in production in all regions compared to the same period last year when we suffered parts-supply shortage,” says Satoshi Ozawa , executive vice president of Toyota Motor, in a statement. The shortage, he noted, was due to the giant earthquake and tsunami that struck Japan two years ago.

Toyota also said today that it expects to earn $9.8 billion for the full fiscal year ended next March, up from a previous prediction of $9.5 billion, the Associated Press reported.

Despite Europe economic trouble, Toyota reported higher sales in every one of its units around the world:

  • North America. With the U.S. leading the way, Toyota sold 1.3 million vehicles, up by 572,000. In the U.S., Toyota has scored with its mainstays, the Camry and Corolla sedans, and with its Prius hybrids, which now come in four different versions.
  • Japan. Vehicle sales totaled 1.2 million units, an increase of 395,000.
  • Europe. It sold 412,000 vehicles, up 51,000. That’s an accomplishment considering how other automakers are taking big losses there.

Likewise, it saw big increases in Asia, South America and Africa as well.

usatoday

 

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