Toyota net profit roars 70% higher

|About: Toyota Motor Corporation (TM)|By:, SA News Editor

Toyota's (TM) FQ2 net profit jumped 70% to ¥438.4B ($4.4B), boosted by the weaker yen and cost reductions. Consensus was for ¥451.69B.

Net revenues jumped 16.2% to ¥6.28T.

U.S. volume climbed 12.2% to 589,390 vehicles, driven by strong demand for the redesigned Corolla compact and the Lexus IS. Toyota's performance outstripped industry wide growth of 8.9%.

Toyota increased its guidance for FY net profit by 13% to ¥1.67T, not far off its record of ¥1.72T but short of consensus of ¥1.79T. The Japanese carmaker also raised its revenue outlook by ¥1T to ¥25T but maintained its volume projections at 9.1M vehicles. (PR)