Toyota Motor Corp. reported a 28 percent surge in the last quarter on growing sales in Europe, Asia and the Americas and cost cutting. It raises its profit forecast for the full year.
The top Japanese automaker said Tuesday that its July-September profit totaled 585.1 billion yen ($ 5.2 billion), up from 458.3 billion yen the year before. Quarterly sales rose 2 percent to 7.31 trillion yen ($ 64.7 billion).
The manufacturer of the Camry sedan, Prius hybrid and Corolla subcompact forecast a 2.3 trillion yen ($ 20 billion) profit for the fiscal year through March. That is its previous forecast for 2.1 trillion yen ($ 19 billion), but is almost 8 percent from nearly 2.5 trillion yen in the previous fiscal year.
Toyota sold 2,183 million vehicles in July-September, up from 2,175 million vehicles the same period a year earlier.
Vehicle sales slipped in the U.S. and Japan but improved in Europe, the rest of Asia and Central and South America. The company stuck to its full-year forecast for selling 8.9 million vehicles globally for the year through March 2019.
Cost reduction and marketing efforts helped out at the unfavorable exchange rate, according to Toyota.
Masayoshi Shirayanagi said: "We are steadily making progress toward achieving our challenge-level target."
Toyota, often seen as representing iconic Japanese manufacturing, is trying to focus on artificial intelligence, autonomous driving, car-sharing services and other new uses of technology to keep up with changes in the industry.
Toyota President Akio Toyoda, has said Toyota's business needs to change.
Toyota's quarterly profit improves on strong sales