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 17,067.56 -30.89 -0.18%
Nasdaq 4,598.19 17.92 0.39%
S&P 500 2,002.28 -1.09 -0.05%
Treasuries 2.42 0.08 3.24%
Data as of 10:51pm ET
Company Price Change % Change
Bank of America Corp... 16.27 0.18 1.12%
Apple Inc 103.30 0.80 0.78%
Staples Inc 12.63 0.95 8.13%
Facebook Inc 76.68 1.86 2.49%
Intel Corp 34.57 -0.35 -1.00%
Data as of 4:02pm ET

Sections

Georgia dealers say Tesla shouldn't sell its cars directly to consumers. It's also one of the most popular markets for electric vehicles. More

If approved by Los Angeles city council, the plan could raise wages for 567,000 workers by 2017. More

The latest celebrity photo hack shows your digital life doesn't end at your phone. If your stuff lives on "the cloud," you don't control the data. More

If approved by Los Angeles city council, the plan could raise wages for 567,000 workers by 2017. More

A scam where fraudsters impersonate IRS agents has now stolen $5 million from taxpayers, and this woman - who lost her entire life savings -- is just one of its victims. 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.