Toyota Foresees Big Profits to Come
Toyota Motor Corp. (NYSE:TM) posted a quarterly profit increase of more than five-times last year’s figures due largely to the increase in vehicle production.
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The company reported fourth-quarter net profit of 121 billion yen, up from 25.4 billion yen a year ago. Toyota’s operating profit rose to 238.5 billion yen, beating estimates of 223 billion yen.
For the fiscal year ending March 2013, Toyota predicts profits of 990 billion yen and operating profits of 1 trillion yen, the highest since the financial crises.
Toyota has outperformed several market rivals — including Nissan Motor Co., Honda Motor Co. (NYSE:HMC), General Motors (NYSE:GM), Ford Motor Co. (NYSE:F), and Volkswagen AG — since late November’s slump, but still lags behind BMW, which has seen a 41 percent jump.
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