Toyota quadruples net income
NEW YORK (CNNMoney.com) -- Toyota reported Friday that its net income in the latest quarter more than quadrupled over the same period last year, as strong sales and cost-cutting measures balanced the strengthening yen.
The Japanese automaker reported fiscal second-quarter net income of $1.2 billion, far outpacing its $270 million net profit over the same period in the prior year.
Toyota cited strong sales, increased marketing and cost-cutting measures as the primary drivers for the much improved numbers. In the six months ending Sept. 30, the manufacturer sold 585,000 more vehicles than in the same period a year earlier.
Making the results all the more impressive, Toyota has battled a strong yen, which makes its products more expensive in overseas markets, including in the United States.
"We currently find ourselves in a very tough business environment, characterized by the radically and seriously appreciated yen in recent months, the risk of slowdown in demand recovery in the United States and Europe and falling demand following the end of the eco-car subsidies in Japan," said executive vice president Satoshi Ozawa.
Net revenue rose to $59.5 billion in the latest quarter from $56.1 billion a year earlier.
Shares of Toyota rose modestly in premarket trading.
Toyota also raised its outlook for the full year, saying it now expects net income to top $4 billion, up from an earlier estimate of $2.8 billion.
source: cnn.com
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