Toyota booked a third-straight April-June profit record thanks to cost cutting and a weak yen. Ryan Brooks reports.
Toyota Motors posting a record quarterly net profit on Tuesday. The company easily beat estimates, reporting a nearly 10 percent jump year-on-year for the April to June quarter. Cut costs and a weak yen making up for challenges the company faces around the world... ...and as global sales fell point-four percent. Volkswagen overtook Toyota as the number one global carmaker in its own first half sales. That's partly because Toyota failed to latch onto a trend of SUV sales in China - - but still managed to snag a 10 percent growth in sales this year on compact cars. The Chinese economy is headed for its slowest expansion in three years. But Toyota says China's market slowdown hasn't hit auto sales. And the slowing economy didn't discourage Toyota from announcing a new joint venture production line in Tianjin. It did get the SUV equation right in the U.S. - the company's riding an industry-wide trend in light truck sales with models like the RAV4. The company left its profit forecast unchanged for the year. ENDS