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Friday, Aug 2
Toyota FQ1 net profit almost doubles
- Toyota (TM): FQ1 net profit almost doubles to ¥562.19B ($5.6B) from ¥290.35B a year earlier and vs consensus of ¥441.5B.
- Revenue +13.7% to ¥6.255T
- Operating profit +87.9% to ¥663.38B vs forecasts of ¥649B.
- Earnings benefit from weaker yen, cost cuts, and improvement of the model mix and pricing.
- North American ops take a loss of ¥20.9B on interest rate swaps.
- Increases its FY 2014 guidance and now expects net profit of Y1.48T vs prior guidance of ¥1.37T, operating profit of ¥1.94T vs ¥1.8T and consensus of ¥2.27T, and revenue of ¥24T vs ¥23.5T prior. (PR)