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Toyota Posts Strong Earnings, Boosts Sales Target

The company is rebounding from last year's natural disasters in Japan


Toyota (NYSE:TM) announced on Friday that it earned 290.3 billion yen ($3.7 billion) during its first fiscal quarter, a dramatic rise from 1.1 billion yen in the same period last year, when Japan was hit with an earthquake and tsunami that disrupted industrial output, in addition to killing thousands.

The car maker increased its global sales outlook for the year. It predicts sales of 9.76 million vehicles worldwide, as 23% rise from 7.95 million vehicles sold in 2011, the New York Times noted.

GM, Ford and Chrysler Miss July Auto Sales Forecasts
GM, Ford and Chrysler Miss July Auto Sales Forecasts

Company officials said that Toyota expects to produce 10.05 million cars and trucks this year, becoming the first car maker to build 10 million vehicles in a year.

The Japanese car giant has out produced General Motors (NYSE:GM) by roughly 300,000 vehicles so far this year and appears poised to recapture the top spot among auto manufacturers.

Toyota shares jumped 5% in Friday trading in New York.

The company reiterated its 2013 outlook. It anticipates earnings of 760 billion yen on sales of 22 trillion yen for the current fiscal year.

Earlier this week, Honda (NYSE:HMC) announced that its first-quarter profit had risen to 131.7 billion yen, but fell short of estimates. Last week, however, Nissan (PINK:NSANY) reported a quarterly profit that dropped 15% compared to last year.

Article printed from InvestorPlace Media,

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