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1984 Toyota Cressida
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Japanese auto maker Toyota Motor Corp (NYSE:TM) Wednesday posted better-than-expected fiscal fourth quarter earnings results and offered an optimistic fiscal 2013 outlook.
The company reported fiscal fourth quarter earnings of 121.0 billion yen, up from 25.4 billion in the year-ago period. On average, Wall Street analysts expected a smaller profit of 112.9 billion yen for the quarter.
Sales rose 23 percent in the latest period to 5.703 trillion yen.
Looking ahead, Toyota said it expects full-year fiscal 2013 earnings to more than double to 760 billion yen, with sales rising 18.4 percent to 22 trillion yen.
For the current year to March 31, 2013, Toyota forecast operating profit would rise to 1 trillion yen, its highest since the global financial crisis.
Analysts’ are expecting a profit of 990 billion yen.
"Our vision is to establish a strong business foundation that will ensure profitability under any kind of difficult business environment," said Toyota president Akio Toyoda.
"Certainly the last fiscal year was extremely challenging due to the natural disasters in Japan and Thailand, plus the unprecedented strength of the yen. But, thanks to the concerted efforts of our employees, suppliers, and dealers, we were able to recover production and sales faster than anticipated and achieved a strong result."
With more growth expected in the current year, Toyota said is looking to further cut costs in an effort to offset the yen's renewed strength.
Toyota has committed to build at least three million vehicles a year at its domestic factories, and expects operating margins to improve this year to 4.5 percent from 1.9 percent in the fiscal year that just ended.
Toyota said sales in emerging markets were in line with its plans, including in China where January-April sales were heading for a full-year target of 1 million vehicles.
On Wednesday afternoon, Toyota shares were up 3.39 percent, trading at $80.82
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