by Christopher Freeburn | November 6, 2013 8:51 am
Japanese auto giant Toyota (TM) is benefitting from more favorable exchange rates.
A softer Japanese yen helped the automaker post near records earnings during the September quarter. Toyota announced on Wednesday that it earned $4.4 billion during the quarter, up 70% from the same period in the previous year, despite a slight dip in vehicle sales, the Associated Press notes.
Though it anticipates higher sales in North America, Europe and Japan, weaker Asian sales will keep overall vehicle sales at an earlier estimate of 9.1 million units. Toyota has seen its sales in China fall due to a diplomatic dispute between China and Japan. Toyota has revised upward its profit outlook for its fiscal year, which ends in March. It now expects to earn $16.9 billion during the year.
By contrast, rival Honda (HMC) reported a 46% increase in quarterly profits, while Nissan (NSANY) saw its earnings edge up just 2%. Without the exchange rate benefit, Nissan’s results would have been less sunny.
Toyota remains the top-selling global automaker, outselling General Motors (GM).
Shares of Toyota rose almost 2% in Wednesday pre-market trading.
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