Toyota announced operating results for the third quarter ended December 31, 2007.
On a consolidated basis, net revenues for the third quarter totaled
6.71 trillion yen, an increase of 9.2 percent compared to the same
period last fiscal year. Operating income increased 4.7 percent to
601.5 billion yen, while income before income taxes, minority interest
and equity in earnings of affiliated companies was 652.7 billion yen.
Net income increased by 7.5 percent to 458.6 billion yen.
Positive contributions to operating income totaled 140.0 billion yen,
consisting of 100.0 billion yen from marketing efforts and 40.0 billion
yen from cost reduction efforts. Negative factors totaled 113.2
billion yen.
Commenting on the results, Takeshi Suzuki, TMC Senior Managing
Director, said, "For this period, we posted our highest ever quarterly
results for the third quarter in both revenues and profits, despite the
severe business environment. Operating income has become more equally
balanced among the regions, with significant higher contribution from
growing markets, specifically emerging and resource-rich countries. We
believe our record high financial results can be attributed to Toyota's
growth strategy of utilizing every opportunity across the full product
line-up and all regions."
Consolidated vehicle sales for the third quarter amounted to 2.281
million units, an increase of 126 thousand units compared with the same
period last fiscal year.
In Japan, vehicle sales were 541 thousand units. Operating income
increased by 5.9 billion yen to 389.4 billion yen, due to launches of
new models as well as an increase in domestic production to meet
increased overseas demand.
Vehicle sales in North America totaled 756 thousand units, a decrease
of 8 thousand units. Operating income decreased by 35.5 billion yen,
to 63.6 billion yen, due to the valuation loss on interest rate swaps
from declines in interest rates. However, sales of the new Tundra and
fuel-efficient models such as the Prius were strong.
In Europe, vehicle sales increased by 2 thousand units, to 308 thousand
units. Operating income was 34.0 billion yen, which was nearly flat
over the same period last fiscal year. Vehicle sales in some markets
including Germany decreased, while sales in Russia and the Eastern
European countries showed steady growth, due to strong sales of models
such as the Camry and the Auris.
Sales in Asia increased by 37 thousand units to 241 thousand units.
Operating income in the region more than doubled, to 64.3 billion yen.
Increase in sales volume, especially in Indonesia and Thailand and the
production capacity increase in Thailand to meet the recovering market
demand contributed to the profit increase. In addition, our
consolidated subsidiaries in China greatly contributed to the earnings
as well.
In the other regions including South and Central America, Africa and
Oceania, sales reached 435 thousand units, an increase of 95 thousand
units, due to the incremental sales in all of these regions. As a
result, operating income increased by 18.9 billion yen, to 49.9 billion
yen.
Suzuki also commented on the shareholders' return, "Our net income has
grown rapidly in recent years. We plan to actively return value from
our increased earnings to our shareholders".
The Board of Directors has resolved to purchase the maximum number of
shares authorized at the ordinary General Shareholders' Meeting held in
June 2007 by further acquiring the remaining authorized shares, up to
10 million shares. In addition, it has authorized to purchase
additional shares, up to 12 million shares, by the end of this month.
Altogether, the company will purchase up to the lesser of 22 million
shares or 120 billion yen. Further, the Board of Directors has
resolved to cancel 162 million shares of treasury stock during the
current fiscal year to define improvement of capital efficiency. The
remaining approximately 300 million shares will be kept as treasury
stock to secure management flexibility.
TMC estimates that the projected consolidated vehicle sales for the
fiscal year ending March 31, 2008 will be 8.93 million units, which is
unchanged from TMC's forecast announced in November 2007. The
company's consolidated revenues and earnings forecast for the fiscal
year also remains unchanged, with consolidated net revenues of 25.5
trillion yen, operating income of 2.3 trillion yen and net income of
1.7 trillion yen.
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