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Toyota Profits Up 10% in Q1 of Fiscal 2016

Toyota Motor Corp. (NYSE: TM) reported first-quarter results Tuesday before markets opened. The Japanese automaker sold 2.11 million vehicles in the quarter ending June 30, a year-over-year decline of about 5.7%. North American sales were up, but sales in Europe, Asia and other regions were lower.

On a consolidated basis, net revenues for the period totaled about $57.69 billion, an increase of 9.3% year over year. Operating income increased from $5.72 billion to about $6.25 billion, while income before taxes was about $6.99 billion. Net income increased from $4.86 billion to $5.34 billion. The yen-dollar exchange rate for the first quarter was 121 yen to the dollar.

In the first half of calendar year 2015, Toyota lost its crown as the world’s best-selling carmaker to Volkswagen. Toyota sold 5.02 million units in the first half of this year, compared with 5.04 million units from the German carmaker.

North American sales rose by about 2.5% to 728,813 units and operating income in North America rose to $1.25 billion.

In Japan, sales fell by about 7% to 469,971 units as operating profit rose to around $3.9 billion, a rise of more than 25% year over year.

In Europe sales dropped by about 1,100 units and profits dropped to about $64.5 million.

In Asia sales dropped by 56,774 to 328,602 units sold and operating income dropped to about $826 million.

Toyota’s fiscal 2016 forecast calls for the company to sell 10.15 million vehicles, down slightly from the 10.168 million the company sold in fiscal 2015. Sales in North America are forecast for 2.85 million units, with domestic Japanese sales pegged at 2.17 million units. Both forecasts are above last year’s sales total, with U.S. sales expected to improve by 135,000 units and Japanese sales to rise by 16,000 units. Except for Oceania, where sales are forecast to remain flat at 250,000 units, Toyota expects 2016 sales to be lower than in 2015 by about 18,000 retail units sold.

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By Paul Ausick