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.
Gawker conceded Thursday that it has hired bankers to advise them on a possible sale as a "contingency" against multi-million dollars lawsuits filed against it. More
The U.S. economy grew more in the first quarter than initially thought, according to revisions released by the Commerce Department Friday. More
A lawsuit against Snapchat has been put on hold after the company said its app wasn't being used during a car crash. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
The Wall Street bank joins a growing number of employers that seek to provide employees with more qualitative, constructive and ongoing feedback. More