Toyota Profits Soar Beyond Analysts’ Forecasts

Toyota Profits Soar Beyond Analysts’ Forecasts

Toyota reported first-quarter profits significantly higher than what analysts forecasted, thanks as a weaker yen that increased revenue from sales of the Corolla and Camry outside of Japan.

And here’s an interesting tidbit from Bloomberg News: Toyota is valued at $214 billion (U.S.), more than 11 times more than General Motors. Toyota is poised to surpass GM as the world’s largest automaker this year.

Toyota’s net income for the quarter soared 32 percent to a record profit that was the equivalent of $4.13 billion (U.S.). Sales rose 16 percent.

Toyota said it remains on course for record full-year earnings, largely on the shoulders of fuel-efficient models sold outside of Japan. However, Toyota executives are closely monitoring the weakening U.S. market, where Toyota had a sales decline in July. For the quarter, Toyota, like all automakers struggling for sales in its home market, reported a 7.3 percent sales decline in the first quarter.

Michelle Krebs:  is Editor-in-Chief of AutoObserver.com. Follow @AutoObserver on Twitter.