Make us your home page
Instagram

Toyota quarterly profit slides as strong yen bites

A Toyota Prius C concept car is displayed Tuesday at the Chicago Auto Show. The show opens to the public Friday. 

Getty Images

A Toyota Prius C concept car is displayed Tuesday at the Chicago Auto Show. The show opens to the public Friday. 

TOKYO — Toyota reported a 39 percent slide in quarterly profit but raised its full-year forecasts as business booms in Asia and other emerging markets while image problems linger in the United States.

The results show a mixed picture for the world's biggest automaker, which is enjoying robust sales in Asia, Africa and South America while still trying to repair its reputation in the key U.S. market after quality lapses.

Toyota Motor Corp. reported Tuesday a net profit of $1.1 billion for its fiscal third quarter. Quarterly sales at the Japanese automaker declined 11.7 percent to $57 billion.

The drop was largely due to damage from the strong yen, which erodes the value of Japanese exports, and the end of government-backed incentives for green cars in Japan, according to Toyota — the world's No. 1 automaker for three consecutive years since dethroning Detroit-based General Motors in 2008.

The maker of the Lexus luxury model, the Camry sedan and the Prius hybrid now expects to sell 7.48 million vehicles worldwide in the year ending March 31, up from the previous forecast of 7.1 million vehicles. The new forecast would mark a 3 percent increase from 7.24 million vehicles sold in the year ended March 2010.

Toyota raised its annual net profit forecast to $6 billion from $4.3 billion and sales revenue forecast to $234 billion.

Toyota quarterly profit slides as strong yen bites 02/08/11 [Last modified: Tuesday, February 8, 2011 10:43pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. New stores coming to Tyrone Square Mall, like Bath & Body Works

    Retail

    Tyrone Square Mall will welcome a half dozen new stores, like Bath & Body Works and MidiCi's The Neapolitan Pizza Company, this summer.

  2. Target Corp. reaches $18.5 million settlement with 47 states over data breach

    Retail

    Target Corp. has agreed to pay Florida $928,963 out of a newly-announced $18.5 million settlement over a huge data breach that occurred in late 2013.

    Forty-seven states and the District of Columbia have reached an $18.5 million settlement with Target Corp. to resolve the states' probe into the discounter's massive pre-Christmas data breach in 2013. 
[Associated Press]
  3. Gov. Rick Scott's family history of alcohol abuse could decide 'liquor wall' bill

    Legislature

    TALLAHASSEE — Gov. Rick Scott must decide Wednesday whether to let Walmart and other big-box stores sell liquor, and he says a factor in his decision is the history of alcohol abuse in his family.

    Florida Governor Rick Scott is considering a veto of a bill that would allow Walmart, Target and other big box retail stores to sell liquor. [Andres Leiva | Tampa Bay Times]
  4. Tampa lands Super Bowl in 2021

    Bucs

    TAMPA — Record rainfall in Los Angeles ultimately may end Tampa Bay's drought of hosting the Super Bowl.

    Mike Tomlin celebrates with LaMarr Woodley and Troy Polamalu after the Steelers beat the Cardinals in 


Super Bowl XLIII  on February 1, 2009 at Raymond James Stadium in Tampa. [Times files (2009)
  5. As St. Petersburg's Jabil Circuit broadens its business, it shrinks its name to Jabil

    Corporate

    St. Petersburg's Fortune 500 company, Jabil Circuit, informally tossed aside the "Circuit" in its name some time ago. That's because circuit board manufacturing, the company's core business for decades, has been squeezed out by a broader business agenda ranging from consumer packaging to supply chain management.

    Jabil Circuit informally dropped "Circuit" from its marketing material and signage, like at its St. Petersburg headquarters, years ago. Now it's official.
[Times file photo]