Toyota’s First Quarter Revenues up 59% With Profits Up Huge
Recovery from the Japanese Earthquake appears to be complete.
Wayne Gerdes - CleanMPG - Aug. 3, 2012
With GM’s worldwide sales in decline and Toyota climbing, the number one auto maker in the world will probably once again belong to the big T.
Toyota released its financial results for the first quarter ended June 30, 2012. Revenues totaled $70.3 billion USD, an increase of 59.9 percent compared to the same period last fiscal year. Operating income increased from a loss of $1.38 billion USD to $4.5 billion USD. Net income increased from $14.1 million USD to $3.7 billion USD.
Operating income increased by $5.9 billion USD. Major factors contributing to the increase include cost reduction efforts of $894 million USD, and negative effects from currency fluctuations of $511 billion USD.
Natural disaster recovery revealed that Toyota’s automobile sales for the first quarter totaled 2.269 million vehicles, an increase of 1.048 million vehicles compared to the same period last fiscal year.
Toyota Senior Managing Officer Takahiko Ijichi:
North America vehicle sales totaled 663 thousand units, an increase of 387 thousand units compared to the same period last fiscal year. Operating income increased by $1.13 billion USD to 117.6 to $1.5 billion USD, including $281 million USD of valuation gains/losses on interest rate swaps. Operating income, excluding the impact of valuation gains/losses on interest rate swaps, increased by $802 million USD to $1.22 billion USD.
Europe vehicle sales totaled 209 thousand units, an increase of 35 thousand units, while operating income increased by $139 million USD to $43.4 million USD.
In Asia, vehicle sales totaled 418 thousand units, an increase of 159 thousand units, while operating income increased by $528 million USD to $1.29 billion USD.
In Central and South America, Oceania and Africa, vehicle sales totaled 402 thousand units, an increase of 182 thousand units, while operating income increased by $77.9 million USD to $346 million USD.
In the financial services segment, operating income decreased by $99.6 million USD to $1.10 billion USD compared to the same period last fiscal year, including $210.8 million USD of valuation gains/losses on interest rate swaps. Excluding valuation gains/losses, operating income decreased by $341 million USD to $895 million USD. This was mainly due to reduced reversal of provisions for loan and residual losses in comparison to the same period last year.
Toyota estimates that vehicles sales for the fiscal year ending March 31, 2013 will be 8.8 million units, an increase of 100 thousand from its forecasts announced in May 2012, due to increased sales volume in Japan and North America.
Toyota also forecasts consolidated net revenue of $281 billion USD, operating income of 12.8 billion USD and net income of $9.7 billion USD for the fiscal year ending March 31, 2013 with the revision of an exchange rate of 80 yen to the U.S. dollar and 101 yen to the euro.
Of the majors, Toyota is doing well.
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Re: Toyota’s First Quarter Revenues up 59% With Profits Up Huge
Meet the new GM. Same as the old GM.
When's the next bankruptcy/bailout?
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