Bloomberg News

Toyota Surges on Improved Profit, 2012 Target: Los Angeles Mover

August 03, 2012

Toyota Motor Corp. (7203), which retook the global auto-sales lead in 2012’s first half, climbed the most in more than three years after reporting quarterly profit that beat analysts’ estimates and raising its sales target.

The company’s American depositary receipts (TM:US) rose 5.2 percent to $81.06 at the close in New York, the biggest increase since April 2, 2009. They have gained 23 percent this year, the most among shares and ADRs of automakers traded in the U.S.

Net income for the quarter ended June 30 was 290.3 billion yen ($3.7 billion), 14 percent higher than the average of seven analysts’ estimates compiled by Bloomberg. That was double the $1.85 billion General Motors Co. (GM:US) reported yesterday.

Toyota may regain its global sales title for the year from GM and Volkswagen AG (VOW), based on its revised goal. The Toyota City, Japan-based company, which fell to third last year, now expects sales to rise 23 percent to a record 9.76 million vehicles in 2012. The target, which Toyota announced today in Tokyo, was increased from 9.58 million, including deliveries for its Daihatsu Motor Co. (7262) and Hino Motors Ltd. (7205) units.

“Toyota’s got a fair lead, and it’s going to be a tough act for the others to make up for it in the second half,” Ashvin Chotai, London-based managing director at Intelligence Automotive Asia, said by telephone today.

Toyota rose 0.7 percent to 3,065 yen at the close in Tokyo, before the earnings announcement. That extended this year’s gain to 19 percent. The company’s U.S. sales unit is based in Torrance, California.

To contact the reporter on this story: Alan Ohnsman in Los Angeles at aohnsman@bloomberg.net

To contact the editor responsible for this story: Bill Koenig at wkoenig@bloomberg.net


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • TM
    (Toyota Motor Corp)
    • $114.91 USD
    • -0.17
    • -0.15%
  • GM
    (General Motors Co)
    • $34.71 USD
    • -0.14
    • -0.4%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus