UPDATE: Toyota Posts Higher Q1 Profit

Toyota Motor

reported a rise in its first-quarter profit. The Toyota City, Japan-based company posted a quarterly profit of 587.77 billion yen ($5.7 billion), up 4.6% versus the year-ago period. Its operating profit came in at 692.7 billion yen ($6.76 billion), versus analysts' estimates of 637.3 billion yen. Its sales increased 2% to 6.39 trillion yen ($62.3 billion). Consolidated vehicle sales rose by 9,426 units versus the year-ago period to 2,241,285 units. Net revenues for the automotive operations rose 1.7%, to 5,914.6 billion yen in the quarter, while revenue for the financial services operations climbed 11.0% to 377.4 billion yen. Net revenue for all other businesses jumped 10.2% to 258.3 billion. Net revenue in Japan dropped 4.6% y/y in the quarter, while revenue in North America rose 7.3%. Europe net revenue climbed 9.2%, while revenue in Asia dropped 1.7%. For the full year, Toyota lifted its North America sales forecast to 2.71 million vehicles, versus 2.62 million. However, it maintained its 1.78 trillion yen profit outlook for the fiscal year through March 2015. Toyota shares gained 0.45% to close at $118.12 yesterday.