Toyota Posts Higher Q2 Profit, Lifts Forecast

Toyota Motor

reported a rise in its net profit for the July to September quarter and lifted its profit outlook for the fiscal year. Toyota now expects full-year net profit of Yen2.0 trillion ($17.6 billion) and an operating profit of Yen2.5 trillion ($21.87 billion). Toyota's quarterly net profit surged to Yen539.1 billion, versus a year-ago profit of Yen438.4 billion. However, analysts were expecting a profit of Yen501.2 billion. Its operating profit surged 11.3% to 659.22 billion yen, versus analysts' estimates of 650.7 billion yen. Its revenue climbed to Yen6.55 trillion yen versus Yen6.28 trillion. The company also lifted its sales outlook for North America to 2.74 million vehicles, compared to 2.71 million. Toyota shares fell 0.25% to $119.11 in after-hours trading.