Hard-hit Toyota slashes profit outlook for year

Toyota Motor today sharply cut its profit outlook for its fiscal year ending March 30, blaming a strong yen that makes exporting cars from Japan less profitable and the massive flooding in Thailand which has disrupted parts supplies and production.

Toyota now expects a net profit for the year of $2.3 billion, down 54% from the forecast it made in August, on revenue of $234.36 billion, down $10.3 billion.

Toyota now expects to sell 7.38 million vehicles worldwide, down from 7.6 million, which puts the former No. 1 automaker on track to slip to No. 3 behind General Motors and Volkswagen.

Read Full Article from USA Today

- Posted: 2011-12-09 13:21:04

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