Toyota Quintuples Profit

What a year for Toyota - after so much worry about customer loyalty the Japanese auto maker posts a quintupling of their profits. Toyota Motor Corp. revealed a fivefold increase in profit $1.34 billion in the second quarter of its fiscal 2011 ended March 31, 2011, up from $258.26 million in the same quarter of their previous fiscal year. The profit was boosted by marketing strategy, along with cost reduction measures incorporated by the company.

Operating profit almost doubled to $1.30 billion from $675.05 million in the second quarter of fiscal 2010. "The rise in operating profit was attributable to positive impacts from marketing efforts and cost reduction measures," according to Zacks.com

In the Automotive segment, revenue was up $51.09 billion. Best selling models include the revised Toyota Sienna and Toyota Prius Hybrid. Revenue improved in all the geographic sales regions.

The automaker now anticipates vehicle sales in the range of 7.38 million-7.41 million units, compared with the prior estimate of 7.29 million-7.38 million units. The company forecasted consolidated revenues to be $221.14 billion, operating income to be $4.42 billion and net income to be $4.07 billion.

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SOURCE: http://www.zacks.com/stock/news/42864/Toyota%27s+Profit+Quintuples