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Toyota Posts 19% Drop in Net Profit

Wall Street Journal - Nov 8, 2011

Toyota Motor Corp. reported a 19% drop in profit for the July-September quarter, blaming the yen's rapid appreciation against the dollar and production cutbacks in the U.S. and Japan due to parts shortages that hit sales.

Japan's largest auto maker on Tuesday postponed a possible revision of its earnings forecast for the full-year, citing volatility in current markets and uncertainty on resumption of normal production due to flooding in Thailand. In August, Toyota had called for a profit of ¥390 billion ($5.01 billion) and sales of ¥19 trillion for the fiscal year ending next March.

"A lot of negative factors have piled up one after another," Toyota Executive Vice President and Chief Financial Officer Satoshi Ozawa said at a news conference. The company said it will update its outlook once the full impact of the production disruptions becomes clear.

Just as Toyota's production was recovering from shortages due to Japan's earthquake and tsunami in March, its global output was crimped by component shortages from the massive flooding in Thailand, where it builds parts and some autos for export.

Read Full Article from Wall Street Journal

- Posted: 2011-11-08 14:42:11

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