Still Number One in global sales race.
Toyota Motor Corporation (TMC) today announced that it earned a $5.4 billion profit in its fiscal third quarter, a 4.4% improvement year-over-year. For the nine-month period ended December 31, 2015 consolidated vehicle sales totaled 6,492,784 units, a decrease of 246,374 units compared to the same period last fiscal year. However, TMS retained its global sales lead over diesel-scandal plagued Volkswagen Group, General Motors. Corp.
On a consolidated basis, net revenues for the period totaled 21.4313 trillion yen, an increase of 6.5%. Operating income increased from 2.1148 trillion yen to 2.3056 trillion yen, while income before income taxes1 was 2.4529 trillion yen. Net income increased from 1.7268 trillion yen to 1.8860 trillion yen. Operating income increased by 190.8 billion yen.
Major factors contributing to the increase included currency fluctuations of 310.0 billion yen and cost reduction efforts of 235.0 billion yen.
Toyota Nine-Month Results for Fiscal 2015
In Japan, vehicle sales totaled 1,476,655 units, a decrease of 51,507 units, while operating income increased by 207.4 billion yen to 1.3509 trillion yen.
In North America, vehicle sales totaled 2,140,655 units, an increase of 33,032 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 29.4 billion yen to 427.6 billion yen.
In Europe, vehicle sales totaled 617,684 units, a decrease of 15,894 units. Operating income decreased by 15.7 billion yen to 50.7 billion yen.
In Asia, vehicle sales totaled 1,016,235 units, a decrease of 112,478 units, while operating income increased by 58.3 billion yen to 378.9 billion yen.
In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 1,241,555 units, a decrease of 99,527 units. Operating income decreased by 15.3 billion yen to 91.9 billion yen.
Financial services operating income decreased by 19.9 billion yen to 265.0 billion yen, including a gain of 1.7 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 13.9 billion yen to 263.3 billion yen.
Despite revised exchange rate assumptions of 120 yen to the U.S. dollar and 132 yen to the euro, TMC still forecasts consolidated net revenue of 27.5 trillion yen, operating income of 2.8 trillion yen, income before income taxes of 2.98 trillion yen, and net income of 2.27 trillion yen.
TMC Managing Officer Tetsuya Otake said: “At 2.8 trillion yen, our latest forecast remains unchanged from the previous forecast, having reflected both positive factors—such as progress in cost reduction and the weaker-than-expected Yen so far—and negative factors such as an expected increase in sales expenses and other expenses.”
However, the forecast does not include the impact of the suspension of vehicle production in February in Japan due to an Aichi Steel explosion covered elsewhere in AutoInformed.
