Rounding out a bleak earnings season for automakers, Toyota Motor Corp. is expected to report a steep drop in quarterly profits Thursday because of slumping U.S. auto sales.
Unfavorable currency trends also weighed on the Japanese automaker, according to analysts who forecast its operating earnings may be down more than 40 percent for the three months to June 30.
Toyota previously cautioned investors that profit for the fiscal year that began April 1 would fall for the first time in seven years, to 27 percent below last year's record level of $15 billion.
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