Toyota Announces First Quarter Financial Results
Toyota City, Japan, Aug, 04 2017 - (JCN Newswire) - Toyota Motor Corporation (TMC) today announces its financial results for the first quarter ended June 30, 2017.
Consolidated vehicle sales for the first quarter totaled 2,215,111 units, an increase of 42,452 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 7.0476 trillion yen, an increase of 7.0 percent. Operating income decreased from 642.2 billion yen to 574.2 billion yen, while income before income taxes1 was 679.3 billion yen. Net income2 increased from 552.4 billion yen to 613 .0 billion yen.
Operating income decreased by 67.9 billion yen. Major factors contributing to the decrease included currency fluctuations of 35 billion yen and an increase in expenses of 45 billion yen offset by an increase of 50 billion yen due to cost reduction efforts.
Commenting on the results, TMC Senior Managing Officer Tetsuya Otake said: "Despite the positive effect of cost reduction efforts, operating income was down 67.9 billion yen, mainly due to the effects of marketing activities and an increase in expenses."
In Japan, vehicle sales totaled 544,223 units, an increase of 33,053 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 29.7 billion yen to 319.9 billion yen.
In North America, vehicle sales totaled 723,619 units, an increase of 8,235 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 76.5 billion yen to 88.8 billion yen.
In Europe, vehicle sales totaled 240,344 units, an increase of 17,636 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 11.9 billion yen to 20.5 billion yen.
In Asia, vehicle sales totaled 362,654 units, a decrease of 21,517 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 21.7 billion yen to 102.8 billion yen.
In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 344,271 units, an increase of 5,045 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 11.3 billion yen to 39.5 billion yen.
Financial services operating income decreased by 14.9 billion yen to 75.3 billion yen, including a gain of 0.1 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income decreased by 6.4 billion yen to 75.1 billion yen.
For the fiscal year ending March 31, 2018, TMC has not revised its consolidated vehicle sales forecast from 8.9 million units, in consideration of the latest sales trends worldwide.
TMC revised its consolidated financial forecasts for the fiscal year. Based on an exchange rate assumption of 110 yen to the U.S. dollar and 124 yen to the euro, TMC now forecasts consolidated net revenue of 28.5 trillion yen, operating income of 1.85 trillion yen, income before income taxes of 2.05 trillion yen, and net income of 1.75 trillion yen.
(1) Income before income taxes and equity in earnings of affiliated companies
(2) Net income attributable to Toyota Motor Corporation
Toyota Motor Corporation (TMC) is the global mobility company that introduced the Prius hybrid-electric car in 1997 and the first mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota City, Japan, Toyota has been making cars since 1937. Today, Toyota proudly employs 370,000 employees in communities around the world. Together, they build around 10 million vehicles per year in 29 countries, from mainstream cars and premium vehicles to mini-vehicles and commercial trucks, and sell them in more than 170 countries under the brands Toyota, Lexus, Daihatsu and Hino. For more information, please visit www.toyota-global.com.
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
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