Toyota reports improved quarterly profit

Toyota reports improved quarterly profit

Toyota reports improved quarterly profit

The FINANCIAL -- Toyota Motor Corporation (TMC) on May 9 announced its financial results for the fiscal year ended March 31, 2018.

Global

Consolidated vehicle sales totaled 8,964,394 units, a decrease of 6,466 units compared to the previous fiscal year. On a consolidated basis, net revenues for the period totaled 29.3795 trillion yen ($264.68 billion), increased 1.7823 trillion yen ($16.05 billion). Operating income increased from 1.9943 trillion yen ($17.96 billion) to 2.3998 trillion yen ($21.61 billion), while income before income taxes was 2.6204 trillion yen ($23.60 billion). Net income increased from 1.8311 trillion yen ($16.49 billion) to 2.4939 trillion yen ($22.46 billion).

Operating income increased by 405.4 billion yen ($3.65 billion). Major factors in the increase included currency fluctuations of 265 billion yen ($2.38 billion) and an increase of 165 billion yen ($1.48 billion) due to cost reduction efforts.

Regions

North America: Vehicle sales totaled 2,806,467 units, a decrease of 30,867 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 198.7 billion yen ($1.79 billion) to 132.1 billion yen ($1.19 billion).

Japan: Vehicle sales totaled 2,255,313 units, a decrease of 18,649 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 455.7 billion yen ($4.10 billion) to 1.6618 trillion yen ($14.97 billion).

Europe: Vehicle sales totaled 968,077 units, an increase of 43,517 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 88.9 billion yen ($800.90 million) to 77.1 billion yen ($694.59 million).

Asia: Vehicle sales totaled 1,542,806 units, a decrease of 45,016 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 4.3 billion yen ($38.73 million) to 428.8 billion yen ($3.86 billion).

Other regions (including Central and South America, Oceania, Africa, and the Middle East): Vehicle sales totaled 1,391,731 units, an increase of 44,549 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 54.7 billion yen ($492.79 million) to 118.1 billion yen ($1.06 billion).

Financial Services

Financial services operating income increased by 63.1 billion yen ($568.46 million) to 285.5 billion yen ($2.57 billion), including a gain of 1.5 billion yen ($13.51 million) in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 43.4 billion yen ($390.99 million) to 283.9 billion yen ($2.55 billion).

Forecast

For the fiscal year ending March 31, 2019, TMC estimates that consolidated vehicles sales will be 8.95 million units.

In addition, TMC forecasts consolidated net revenue of 29 trillion yen ($276.19 billion), operating income of 2.3 trillion yen ($21.90 billion), and net income of 2.12 trillion yen (20.19 billion) for the fiscal year ending March 31, 2019, based on an exchange rate of 105 yen to the U.S. dollar and 130 yen to the euro.