Toyota Completes Comeback, Raises Forecast
As Toyota Motor Corp. (NYSE: TM) announced its third-quarter results, for the period that ended on December 31, it raised it forecasts and cemented its position as the world's top car manufacturer. The Japanese car company reported:
TMC also today revises its consolidated vehicles sales forecast for fiscal year 2013 from 8.750 million units to 8.850 million units, an increase of 100,000 units from the previous forecast announced in November 2012, due to the increased overseas vehicle sales, mostly in North America.
TMC also upwardly revises its consolidated financial forecasts for fiscal year 2013 to consolidated net revenue of 21.8 trillion yen, operating income of 1.15 trillion yen, income before income taxes of 1.29 trillion yen and net income of 860.0 billion yen, with the revision of an exchange rate of 81 yen to the U.S. dollar and 104 yen to the euro.
Car research firm TrueCar commented:
"Toyota experienced the year of the dream come back in 2012," said Jesse Toprak, Senior Analyst at TrueCar.com. "Virtually all of the metrics by which we define an automaker's performance improved dramatically for the company after a couple years of a roller coster ride. Toyota regained all of their lost market share since after the Tsunami, increased their average transaction price (ATP) by nearly five percent, lowered incentives spending; all while posting a remarkable 27% sales gain."
Filed under: 24/7 Wall St. Wire, Autos, Earnings Tagged: TM