Toyota earns $2.9 billion in quarter
02-03-05, 06:52 AM
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Toyota earns $2.9 billion in quarter
Thursday, February 3, 2005
By Yuri Kageyama / Associated Press
TOKYO - Toyota Motor Corp. reported Thursday a 4 percent rise in profits for the third fiscal quarter as sales boomed around the world, prompting the Japanese automaker to raise its vehicles sales outlook for the full year.
Toyota's net group profit for the three months ending Dec. 31 totaled 296.5 billion yen ($2.9 billion), up 3.5 percent from 286.4 billion yen the same period a year ago. Sales totaled 4.6 trillion yen ($44 billion) for the period, up 6 percent from 4.4 trillion yen the previous year.
Toyota, the nation's top automaker, exceeded sales targets in every region and offset the negative effects of a lower dollar through cost cuts, the manufacturer, based in Toyota city, central Japan, said in a statement.
In vehicle sales, Toyota sold 1.84 million vehicles globally during the three-month period, up 8 percent from 1.7 million a year ago.
Toyota raised its full fiscal year group vehicle sales forecast, which includes truckmaker Hino Motors and Daihatsu Motor Co., which makes tiny cars, to 7.29 million vehicles, up from the 7.22 million vehicles forecast it gave in November. Toyota sold 6.7 million vehicles around the world the previous fiscal year.
Toyota does not give consolidated net income or sales forecasts.
"Things are going great for Toyota," said Koji Endo, an auto analyst at Credit Suisse First Boston in Tokyo. "The numbers are strong but not spectacularly strong."
He said profits were kept in check by Toyota's spending on research and other long-term investments, as well as higher steel costs and an unfavorable currency rate.
In Japan, Toyota sold 573,000 vehicles for the October-December quarter, up 3.5 percent from the previous year, on the success of new models such as the Isis minivan and Mark X sedan. For the calendar year, Toyota's market share in Japan totaled 44.4 percent, a record high for the company.
Toyota sales were also strong in the key North American market, where it has been grabbing market share away from U.S. rivals. Strong demand for Toyota's Lexus luxury models and Scion vehicles, which target younger drivers, helped boost Toyota sales to 576,000 in North America in the quarter, up 2.6 percent from the previous year.
Toyota's U.S. retail sales for the calendar year reached 2.06 million with the highest market share ever for Toyota in that market at 12.2 percent.
European sales surged 14 percent during the quarter at 249,000 vehicles. Quarterly sales for other regions were up 20 percent over the same quarter a year ago to 441,000 vehicles.
"With strong sales momentum worldwide, we will continue to work hard to achieve last year's profit levels," Executive Vice President Ryuji Araki said.
Toyota shares, which have held steady in the last year, were unchanged to close at 4,060 yen ($39) on the Tokyo Stock Exchange Thursday, shortly before earnings were announced.
source : detnews.com
By Yuri Kageyama / Associated Press
TOKYO - Toyota Motor Corp. reported Thursday a 4 percent rise in profits for the third fiscal quarter as sales boomed around the world, prompting the Japanese automaker to raise its vehicles sales outlook for the full year.
Toyota's net group profit for the three months ending Dec. 31 totaled 296.5 billion yen ($2.9 billion), up 3.5 percent from 286.4 billion yen the same period a year ago. Sales totaled 4.6 trillion yen ($44 billion) for the period, up 6 percent from 4.4 trillion yen the previous year.
Toyota, the nation's top automaker, exceeded sales targets in every region and offset the negative effects of a lower dollar through cost cuts, the manufacturer, based in Toyota city, central Japan, said in a statement.
In vehicle sales, Toyota sold 1.84 million vehicles globally during the three-month period, up 8 percent from 1.7 million a year ago.
Toyota raised its full fiscal year group vehicle sales forecast, which includes truckmaker Hino Motors and Daihatsu Motor Co., which makes tiny cars, to 7.29 million vehicles, up from the 7.22 million vehicles forecast it gave in November. Toyota sold 6.7 million vehicles around the world the previous fiscal year.
Toyota does not give consolidated net income or sales forecasts.
"Things are going great for Toyota," said Koji Endo, an auto analyst at Credit Suisse First Boston in Tokyo. "The numbers are strong but not spectacularly strong."
He said profits were kept in check by Toyota's spending on research and other long-term investments, as well as higher steel costs and an unfavorable currency rate.
In Japan, Toyota sold 573,000 vehicles for the October-December quarter, up 3.5 percent from the previous year, on the success of new models such as the Isis minivan and Mark X sedan. For the calendar year, Toyota's market share in Japan totaled 44.4 percent, a record high for the company.
Toyota sales were also strong in the key North American market, where it has been grabbing market share away from U.S. rivals. Strong demand for Toyota's Lexus luxury models and Scion vehicles, which target younger drivers, helped boost Toyota sales to 576,000 in North America in the quarter, up 2.6 percent from the previous year.
Toyota's U.S. retail sales for the calendar year reached 2.06 million with the highest market share ever for Toyota in that market at 12.2 percent.
European sales surged 14 percent during the quarter at 249,000 vehicles. Quarterly sales for other regions were up 20 percent over the same quarter a year ago to 441,000 vehicles.
"With strong sales momentum worldwide, we will continue to work hard to achieve last year's profit levels," Executive Vice President Ryuji Araki said.
Toyota shares, which have held steady in the last year, were unchanged to close at 4,060 yen ($39) on the Tokyo Stock Exchange Thursday, shortly before earnings were announced.
source : detnews.com
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