Toyota Motor Corp. reported FQ1 2008 net income climbed 32% to ¥491.54 billion ($4.12B), on a 16% rise in revenues to ¥6.52T ($54.8B). Toyota was helped by a weak yen, which boosted its profit by ¥100b ($840M), as rising overseas sales offset domestic weakness. Toyota maintained its full-year (ending in March) guidance for net income of ¥1.65T and operating profit of ¥2.25T on sales of ¥25T. A Tokyo-based Credit Suisse analyst commented, "Toyota is a very conservative company." He added, "they will probably raise their forecast at the end of the second quarter to reflect the weaker yen and stronger sales." Shares rose 0.1% to ¥7,080 ($118.89 ADR equiv. at ¥119.1/$1) in Tokyo before the report. Its ADRs lost 0.5% to $118.59 on Thursday. Toyota issued a press release saying it will repurchase up to 5 million ordinary shares for up to ¥40b between Aug. 7 and Aug. 17. Separately, Bloomberg reports Toyota's plug-in electric car may have less than half the range of rival General Motors', according to people familiar with both companies' programs. GM is targeting a post-charge range of 40 miles.
Sources: Press release, Bloomberg I, II, Wall Street Journal
Commentary: July Auto Sales Hit Nine-Year Low • Japanese Exporters Look Poised to Profit from Weak Yen • Here Come the Hybrids: What's Behind The Prius' Success?
Stocks/ETFs to watch: TM. Competitors: HMC, NSANY, GM, F, DCX. ETFs: ADRA, EWJ, ITF
Related: Toyota Investor Relations Q1'FY08 Financial Results
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.