Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Toyota quadruples net income

By Charles Riley, staff reporter


NEW YORK (CNNMoney.com) -- Toyota reported Friday that its net income in the latest quarter more than quadrupled over the same period last year, as strong sales and cost-cutting measures balanced the strengthening yen.

The Japanese automaker reported fiscal second-quarter net income of $1.2 billion, far outpacing its $270 million net profit over the same period in the prior year.

Toyota cited strong sales, increased marketing and cost-cutting measures as the primary drivers for the much improved numbers. In the six months ending Sept. 30, the manufacturer sold 585,000 more vehicles than in the same period a year earlier.

Making the results all the more impressive, Toyota has battled a strong yen, which makes its products more expensive in overseas markets, including in the United States.

"We currently find ourselves in a very tough business environment, characterized by the radically and seriously appreciated yen in recent months, the risk of slowdown in demand recovery in the United States and Europe and falling demand following the end of the eco-car subsidies in Japan," said executive vice president Satoshi Ozawa.

Net revenue rose to $59.5 billion in the latest quarter from $56.1 billion a year earlier.

Shares of Toyota rose modestly in premarket trading.

Toyota also raised its outlook for the full year, saying it now expects net income to top $4 billion, up from an earlier estimate of $2.8 billion.  To top of page

Index Last Change % Change
Dow 17,400.75 -610.32 -3.39%
Nasdaq 4,707.98 -202.06 -4.12%
S&P 500 2,037.41 -75.91 -3.59%
Treasuries 1.58 -0.16 -9.20%
Data as of 11:28pm ET
Company Price Change % Change
Bank of America Corp... 13.00 -1.04 -7.41%
Microsoft Corp 49.83 -2.08 -4.01%
Ford Motor Co 12.52 -0.88 -6.57%
General Electric Co 29.82 -1.37 -4.39%
Micron Technology In... 13.21 -0.84 -5.98%
Data as of 3:51pm ET

Sections

Barnes and Noble announced plans to start selling alcohol in some of its stores. And shares of the bookstore chain rallied on the news while the rest of the market was down on Brexit fears. More

The U.K. voted to leave the European Union on Thursday. The vote could affect Americans in a litany of ways. More

Startup Spark examined the effects that political candidates had on the human brain and nervous system using a device called BrainWave. Here's what it found. More