Toyota’s 1Q profit rises 19 percent, beats estimates

FAN Editor

 (AP Photo/Rick Bowmer, File)

Toyota Motor on Friday posted a 19 percent rise in first-quarter profit, beating estimates, on the back of sales growth in Asia and cost reductions in that region and at home.

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Operating profit at Japan’s largest automaker was 682.6 billion yen ($6.11 billion) for April-June, versus 574.3 billion yen a year earlier.

The result compared with the 638.74 billion yen average of seven analyst estimates compiled by Thomson Reuters I/B/E/S.

Toyota maintained its forecast for full-year profit to slip 4.2 percent to 2.3 trillion yen, as it anticipates a stronger yen will offset benefits of cost cuts and record-high global vehicle sales.

(Reporting by Naomi TajitsuEditing by Christopher Cushing)

 

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