TOYOTA CITY, Japan (Nov. 5, 2012) – Toyota announced strong first half fiscal year results today with sales increasing by nearly 1.4 million units, revenues up 36 percent and net income rising to $6.9 billion. The numbers represent a significant turnaround from a year ago when the company suffered production setbacks due to a major earthquake/tsunami in Japan on March 11, 2011.
Key financial numbers from the first half (April 1, 2012 – Sept. 30, 2012):
– Global sales increased to 4.516 million units, up 1.49 million from the same period last year.
– Consolidated revenues were 10.9 trillion yen (*$138 billion), a 36.1 percent increase in yen.
– Operating income was 693.7billion yen ($8.7 billion) vs. a loss of 32 billion yen last year.
– Net income of 548.2 billion yen ($6.9 Billion) vs. 81.5 billion yen last year.
The positive first half results came on top of a strong second quarter for the automaker. Toyota reported second quarter revenues of 5.4 trillion yen (*$68.4 billion), up 18.2 percent in yen and operating income of 340 billion yen ($4.3 billion) vs. 75.4 million yen last year. Net income soared 220 percent to 257.9 billion yen ($3.2 billion).
“In all regions, vehicle sales increased significantly for both the first half and second quarter of this fiscal year because we suffered from the supply disruption due to the Great East Japan Earthquake in the same period last year,” said TMC Executive Vice President Satoshi Ozawa. “Despite the yen’s appreciation, operating income improved significantly due to the recovery of sales which dropped in the first half of last year and our company-wide profit improvement activities.”
Toyota also revised its forecast for the fiscal year ending on March 31, 2013. The company lowered it expected consolidated vehicle sales by 50,000 units to 8.75 million due to uncertainty over the market environments in China and Europe. However, it boosted operating income by 50 billion yen to 1.050 trillion yen because of expected progress in its profit improvement activities.
Financial forecasts for the fiscal year have been revised as follows:
– Consolidated revenue of 21.3 trillion yen (*$269billion).
– Operating income of 1.05 trillion yen ($ 13.2 billion).
– Net income of 780 billion yen ($9.8 billion).
(*All currency translations are approximate based on an 79-yen-to-the-dollar exchange rate.)