Toyota posts $1.7B profit, raises annual forecast
TOKYO (AP) -- Toyota Motor Corp. returned to profit in the October-December quarter and raised its annual earnings forecast, but analysts warned of a grim outlook as a spreading safety crisis batters the automaker's reputation.
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Source: Toyota posts $1.7B profit, raises annual forecast
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The world's No. 1 automaker Thursday reported a quarterly net profit of 153.2 billion yen ($1.7 billion) and cited stronger sales of the Prius and other "green" models, as well as a recovery in the U.S. and Japan. It reported a 164.7 billion yen loss in the same quarter a year earlier. The results don't reflect the damage from the massive recalls linked to faulty gas pedals, announced Jan. 21. The suspension of U.S. sales of eight of its most popular models, repair costs for the recall and a consumer backlash are expected to undermine earnings in the current quarter and possibly into next fiscal year. Toyota for the first time gave an estimate of the costs of the global recall at up to 180 billion yen ($2 billion), with 100 billion yen ($1.1 billion) for repairs and 70 billion yen ($770 million) to 80 billion yen ($880 million) in lost sales. It said the recalls could dent global demand for Toyota models by 100,000 vehicles. |
Source: Toyota posts $1.7B profit, raises annual forecast
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