TOYOTA MOTOR CO. ADRs $122 (New York symbol TM; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.7 billion; Market cap: $207.4 billion; Price-to-sales ratio: 0.9; Dividend yield: 2.6%; TSINetwork Rating: Above Average; www.toyota.com) is the world’s biggest carmaker by sales.
In its fiscal 2015 second quarter, which ended September 30, 2014, Toyota sold 2.24 million vehicles, unchanged from a year ago. North American sales jumped 12.5%, thanks to strong demand for sport utility vehicles. That offset declines in Japan (down 8.9%), other parts of Asia (down 4.2%) and Europe (down 3.3%).
Overall revenue fell 6.5%, to $59.8 billion from $63.9 billion, but revenue improved 4.3% in Japanese yen. A cost-cutting plan helped boost earnings per ADR by 10.3%, to $3.11 from $2.82 (each American depositary receipt equals two Toyota common shares).
The company expects to sell 9.05 million vehicles in fiscal 2015, down from its earlier forecast of 9.1 million.
That will probably cut its earnings for the full year by 2.3%, to $11.50 per ADR. The stock trades at just 10.6 times that estimate. The $3.23 dividend yields 2.6%
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