Toyota's Financials Hit By Earthquake
August 2nd, 2011 9:33 AM Share
Toyota today announced financial results for the quarter ended June 30, 2011. It was the first full quarter after the March 11 earthquake and tsunami which severely affected production and sales at home and abroad. The results reflect this.
On a consolidated basis, net revenues for the first quarter were 3,441 billion yen ($44.4 billion), down 29.4 percent from the same period last fiscal year. Operating income plummeted from 211.6 billion yen ($ 2.73 billion) to a loss of 108.0 billion yen ($1.4 billion). There is a before tax loss of 80.5 billion yen ($ 1 billion). Net income attributable to Toyota Motor Corporation decreased from 190.4 billion yen ($ 2.5 billion) to just 1.1 billion yen ($ 14 million.)
Consolidated vehicle sales for the first quarter totaled 1.22 million units, a decrease of 599,000 units compared to the same period in the prior year.
Published August 2nd, 2011 9:33 AM
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Toyota sells 19 models and make 12 here. So they were selling them everywhere but here? From Detroit Free Press: "Toyota sold 22% fewer vehicles worldwide during the quarter, but sales in North America tumbled 47.5% to 276,000 cars and trucks." Do we have a tsunami here too?
It is pretty impressive that Toyota managed to stay in the black considering the hit they took in the last few months. Toyota should recover well in the second half given how much pent up demand exists in Japan and North America for their cars. First half sales at 3.01 Million seem pretty far off from VW(4M+) and GM(4.7M+), but Toyota will def. recover faster and close the gap in the second half. A strong Toyota is what keeps Ford and GM competitive.