TOYOTA MOTOR CORPORATION - Toyota announced strong first quarter results Friday with sales increasing by more than a million units, revenues up 60% and net income rising to $3.6 billion. The numbers represent a significant turnaround from a year ago when the company suffered production setbacks due to a major earthquake/tsunami in Japan on March 11, 2011.
Key financial numbers from the first quarter:
- Global sales increased to 2.269 million units, up 1.048 million from the same period last year
- Consolidated revenues were 5.5 Trillion yen (*$69.2 billion), up nearly 60%
- Operating income was 353.1 billion yen ($4.4 billion) vs. a loss of 108.0 billion yen
- and net income of 290.3 billion yen ($3.6 Billion) vs. 1.1 billion yen
(*all currency translations approximate based on a yen/dollar exchange rate of 80-yen-to-the-dollar)
"In all regions, vehicle sales increased significantly due to strong recovery of demand which had suffered last year from the lack of supply caused by the Great East Japan Earthquake, said TMC Senior Managing Officer Takahiko Ijichi. "Despite the Yen's appreciation, operating income increased substantially thanks to increased vehicle sales and cost reduction efforts including our company-wide VA activities."
Based on first quarter results, Toyota boosted its global sales forecast from 8.7 million to 8.8 million units this fiscal year (April 1, 2012 – March 31, 2013).
Financial forecasts for the fiscal year remain unchanged as follows:
- Consolidated revenue of 22 trillion yen (*$275.5 billion)
- Operating income of 1 trillion yen ($12.5 billion)
- and net income of 760 billion yen ($9.5 billion)
(*all currency translations are approximate based on an 80-yen-to-the-dollar exchange rate)