Toyota Posts Surge In Q1 Profit, Lifts Outlook

Toyota Motor TM reported a strong rise in April-June quarter net profit. Toyota's quarterly net profit surged to Y562.19 billion ($5.6 billion), from Y290.35 billion, in the year-ago quarter. However, analysts were expecting a profit of Y441.5 billion. Its revenue rose 13.7% to Y6.255 trillion from Y5.502 trillion, while operating profit jumped 87.9% to Y663.38 billion from Y353.14 billion. For the current fiscal year through March, Toyota lifted its net profit forecast to Y1.480 trillion from Y1.370 trillion. It also raised its revenue view to Y24 trillion from Y23.5 trillion. Toyota shares closed at $126.24 yesterday.