A weak yen continued to lift revenue for Toyota in the latest quarter as the automaker’s cars and trucks became cheaper in markets outside of Japan.
The Bank of Japan continues to pump money into its economy through economic stimulus. That should benefit Toyota as the plan pushes down the value of the yen and makes Japanese car and truck exports cheaper.
TOYOTA MOTOR CO. ADRs (New York symbol TM; www.toyota.com) is the world’s largest carmaker.
In its fiscal 2017 first quarter, which ended June 30, 2016, Toyota sold 2.17 million vehicles worldwide. That’s up 2.7% from a year earlier. Sales rose 8.7% in Japan, 7.8% in Europe and 17.1% in other parts of Asia. However, sales fell 1.9% in North America and 10.8% in other regions (Central and South America, Australia, Africa and the Middle East).
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Overall revenue in the quarter rose 5.6%, to $61.0 billion from $57.8 billion. Earnings per ADR fell 1.5%, to $3.32 from $3.37 (each American depositary receipt equals two Toyota common shares). While Toyota continued to cut operating costs and improve efficiency, that failed to offset lower income at some of its affiliated businesses. The company also suffered losses on the hedging contracts it uses to lock in currency and interest rates on its debt.
Toyota expects to sell 8.90 million vehicles for all of fiscal 2017, up 2.5% from 2016. The stock also trades at just 11.2 times the company’s projected earnings of $10.55 per ADR for all of fiscal 2017. The $3.64 dividend yields 3.1%.
Recommendation in Wall Street Stock Forecaster: BUY .
This is interesting. I wonder why U.S. sales are down slightly despite the stronger Greenback. I wonder if Toyota will have to look at sharing some of its good fortune from the low yen with car buyers in America.
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This is interesting. I wonder why U.S. sales are down slightly despite the stronger Greenback. I wonder if Toyota will have to look at sharing some of its good fortune from the low yen with car buyers in America.
Looks like Toyota will survive the defective airbag fiasco.