Japanese automaker Toyota Motor Corporation ( TM ) on Friday slashed its full-year earnings outlook in half, citing recent flooding in Thailand and the rising value of the yen.
The company said it now expects full-year profits of 180 billion yen (US$2.3 billion), down from a prior estimate of 390 billion yen. Toyota also forecast revenue of 18.2 trillion yen (US$234 billion), down from a previous estimate of 19 million yen.
TM now expects to sell 7.38 million vehicles worldwide this fiscal year, which ends in March 2012, down from the 7.6 million figure it estimated back in August.
Toyota shares fell 77 cents, or -1.2%, in premarket trading Friday.
The Bottom Line
Shares of Toyota Motor ( TM ) have a 1.53% dividend yield, based on last night's closing stock price of $67.13. The stock has technical support in the $60 price area. If the shares can firm up, we see overhead resistance around the $70-$72 price levels.
Toyota Motor Corporation ( TM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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