Toyota Motor Corp.
) expects that its sales in the U.S. will top 2 million vehicles
in 2012 depending on burgeoning demand for Camry sedan and Prius
hybrid. Last time, when the automaker's sales reached that level
was in 2007, at 2.62 million vehicles. Logging a sales of more
than 2 million vehicles in the year implies a 22% growth from
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In the first nine months of the year, Toyota's sales grew 29.5%
to 1.72 million vehicles. Sales of Camry surged 36.5% to 344,714
units while sales of Prius leapt 91.2% to 200,114 units during
the period (all on a daily selling rate basis).
Toyota saw more than threefold increase in profits to ¥257.92
billion ($3.28 billion) or ¥81.44 ($1.04) per share in the second
quarter of fiscal year ended September 30, 2012 from ¥80.42
billion or ¥25.65 in the same quarter of prior fiscal year.
The increase in profits can be attributed to strong demand for
Toyota vehicles as well as positive impact from the company's
cost control measures. However, profits were lower than the Zacks
Consensus Estimate of $1.62 per share.
Revenues in the quarter grew 18.2% to ¥5.41 trillion ($68.75
billion) on a 14.9% rise in sales volume to 2.16 million units.
Vehicle sales increased in all the regions, except Europe.
Operating income more than quadrupled to ¥340.61 billion ($4.33
billion) from ¥75.39 billion in the second quarter of previous
For fiscal 2013 ending March 31, 2013, Toyota projected lower
consolidated vehicles sales of 8.75 million units, down 50
thousand units from the prior guidance. The automaker also
lowered its consolidated revenue outlook to ¥21.30 trillion (up
14.6% from fiscal 2012) from the prior guidance of ¥22.00
trillion. The downward revision of sales outlook was based on
difficulties in Chinese and European markets.
However, it raised operating income guidance to ¥1.05 trillion
(up 195.3% from fiscal 2012) from the prior level of ¥1.00
trillion and profits to ¥780.0 billion (175.1%) from the previous
projection of ¥760.0 billion.
Toyota is the leading automaker in the world. Its product
portfolio consists of a full range of models from passenger cars,
minivans and trucks as well as related parts and accessories.
The company's domestic competitors include
Honda Motor Co.
Nissan Motor Co.
). Despite better results, the company currently retains a Zacks
#3 Rank on its shares, which translates to a short-term (1 to 3
months) rating of Hold, owing to the global economic weakness and
problems in China, the company's one of the biggest markets.