Toyota swings to profit, raises outlook

By Grace Wong, contributor


LONDON (CNNMoney.com) -- Toyota Motor Corp., just months off a recall crisis in the United States, said Wednesday that it swung to a profit in its latest quarter and boosted its full-year sales outlook.

The automaker posted a net income of $2.2 billion (¥190.4 billion) for its fiscal first quarter, which ended June 30. Toyota posted a net loss of $899 million in the same period last year.

The company's quarterly results were driven by strong sales in Asia. Excluding Japan, Toyota sold 285,000 vehicles in the region -- up 47% from a year earlier.

Toyota (TM) also saw gains in North America, where it sold 526,000 vehicles, up nearly 36% from the prior-year period.

However, the company could have trouble maintaining growth in North America, as the most recent auto sales show consumers in the United States are still wary about buying new vehicles.

Toyota, which has been hit by a wave of recalls, saw its U.S. sales slip 3% in July from a year earlier.

In terms of global sales, the Japanese automaker offered an upbeat outlook, saying it expects to sell 7.4 million vehicles worldwide during the year, compared to 7.2 million in 2010.

On the back of its strong first-quarter results, it also raised its profit and revenue forecasts for the year.

For the next fiscal year ending in March 2011, Toyota expects net income to reach $3.9 billion and for revenue to rise to $226 billion.

That compares to its earlier forecast of a full-year net income of $3.6 billion on sales of $223 billion.

However, Toyota noted that foreign exchange fluctuations and the end of incentives in Japan could affect its business. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,279.74 13.75 0.08%
Nasdaq 4,579.79 -13.64 -0.30%
S&P 500 2,010.40 -0.96 -0.05%
Treasuries 2.59 -0.04 -1.60%
Data as of 12:04am ET
Company Price Change % Change
Yahoo! Inc 40.93 -1.16 -2.74%
Microsoft Corp 47.52 0.84 1.80%
Bank of America Corp... 16.95 -0.09 -0.53%
Oracle Corp 39.80 -1.75 -4.21%
Facebook Inc 77.91 0.91 1.18%
Data as of Sep 19

Sections

Law enforcement officials say Frank Tamayo was the middleman in a $5.6 million insider trading scheme that involved him eating pieces of paper to cover up the crime. More

Scotland's clear rejection of independence has eased fears that it could suffer the kind of decline seen in Quebec after it failed to break away from Canada. More

It's really good to be Larry Ellison. The Oracle founder is stepping down as CEO, so maybe he'll have more time to enjoy his glamorous life. More

As Occupy Wall Street goes on its debt-abolishing tear, thousands of people across the country are begging them to forgive their loans. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.