|By JCN Newswire||
|August 5, 2014 05:46 AM EDT||
U.S. generally accepted accounting principles
Tokyo, Aug 5, 2014 - (JCN Newswire) - Toyota Motor Corporation (TMC) today announces its financial results for the first quarter ended June 30, 2014.
Consolidated vehicle sales for the first quarter totaled 2,241,285 units, an increase of 9,426 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 6.39 trillion yen, an increase of 2.2 percent compared to the same period last fiscal year. Operating income increased from 663.3 billion yen to 692.7 billion yen, while income before income taxes1 was 771.8 billion yen. Net income2 increased from 562.1 billion yen to 587.7 billion yen.
Operating income increased by 29.3 billion yen. Major factors contributing to the increase included cost reduction efforts of 40.0 billion yen and currency fluctuations of 30.0 billion yen.
Commenting on the results, TMC Managing Officer Takuo Sasaki said: "In addition to cost reduction efforts and favourable foreign exchange rates, valuation gains and losses mainly from interest-rate swaps were positive factors. However, changes in model mix and increases in expenses impacted us negatively."
In Japan, vehicle sales totaled 505,827 units, a decrease of 19,950 units. Operating income decreased by 90.1 billion yen to 365.9 billion yen.
In North America, vehicle sales totaled 710,409 units, an increase of 21,753 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 46.1 billion yen to 149.7 billion yen.
In Europe, vehicle sales totaled 207,481 units, an increase of 14,970 units, while operating income increased by 5.6 billion yen to 10.8 billion yen.
In Asia, vehicle sales totaled 385,376 units, a decrease of 9,490 units, while operating income increased by 6.2 billion yen to 110.3 billion yen.
For the financial services, operating income increased by 46.9 billion yen to 98.2 billion yen, including a gain of 16.1 billion yen of valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 3.8 billion yen to 82.0 billion yen.
For the fiscal year ending March 31, 2015, TMC estimates that consolidated vehicle sales will be 9.1 million units, as announced in May.
In addition, TMC forecasts consolidated net revenue of 25.7 trillion yen, operating income of 2.3 trillion yen and net income of 1.78 trillion yen, based on an exchange rate assumption of 101 yen to the U.S. dollar and 136 yen to the euro.
Supported by people around the world, Toyota Motor Corporation (TSE: 7203; NYSE: TM), has endeavored since its establishment in 1937 to serve society by creating better products. As of the end of December 2012, Toyota conducts its business worldwide with 52 overseas manufacturing companies in 27 countries and regions. Toyota's vehicles are sold in more than 160 countries and regions. For more information, please visit www.toyota-global.com.
Toyota Motor Corporation Public Affairs Division Global Communications Department Tel: +81-3-3817-9926
Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net
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