Toyota Motor Prints Surprising Quarterly Profit on Costs cuts and Boosts Forecast (TM)

11/5/2009-Toyota Motor (NYSE:TM) reported Q2 net income of 21.8 billion yen (USD$242 million), eclipsing estimates for a fourth consecutive loss of 24.95 billion yen.

Revenues in the quarter fell 24% year-over-year to $4.54 trillion yen (USD$50 billion), from 5.975 trillion yen in the year-ago period.

Even though Toyota raised its vehicle sales projections to 7.03 million vehicles from 6.6 million, it still represents a 7% decline from over 7.5 million vehicles the company sold in the last fiscal year.

Toyota cut in half its expected fiscal year loss to 200 billion yen (USD$2.2 billion), down from 450 billion yen (USD$5 billion).

Executive Vice President Yoichiro Ichimaru said, "We continued to make improvements in our reductions in fixed costs... In addition, demand-stimulating measures by governments worldwide have contributed to our revised targets."

Write to Chip Brian at cbrian@tradethetrend.com

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