Toyota Rakes In Record Profits Mainly Due To Manipulated Currency Values

Toyota Motor Corp. sidestepped stagnating sales to post double-digit profit increases in the July-September quarter, thanks to advantageous exchange rates and big cost cuts.

The company trimmed its full-year sales outlook but it raised its profit and revenue forecasts to new record levels, with the Japanese yen weakening faster than anticipated.

Net income jumped 23 percent to 539.0 billion yen ($4.93 billion) in the company’s fiscal second quarter ended Sept. 30, compared with 438.4 billion yen ($4.01 billion) a year earlier.

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w222 - 11/5/2014 10:53:26 AM

+4 Boost

oh shame on Toyota... no other company has ever manipulated currency to their favor in this global economy...

222max - 11/5/2014 11:15:36 AM

+2 Boost

It's 009. The Fox News of Autospies.

carsnyc - 11/5/2014 11:21:55 AM

+2 Boost

Right, plus no acknowledgment whatsoever about why people buy them in the blind: reliability and resale value. The envy of many others.

mre30 - 11/5/2014 12:08:21 PM

+3 Boost

009 - stay away from numbers. Currency changes are a regular part of financial statements of public companies and they are handled consistently around the world.

Basically, "phantom" income or expense (i.e. non-cash income or expense) are recognized each financial period based on whether currencies strengthen or weaken relative to one another.

009, your eagle eye seems to have missed the period a few years ago where Toyota "manipulated a loss" (to paraphrase you), due to this same issue.

Why don't you stick to talking about cars?

280SE - 11/5/2014 1:40:07 PM

+2 Boost

Agree. Nothing was manipulated here. The reality is that the Japanese currency value is falling due to recent Bank of Japan activity, and this is likely to be a positive earnings tailwind for all Japanese manufacturers (auto and non) with incomes in other currencies.
This was very unprofessional.

nguyenvuminh - 11/5/2014 12:32:45 PM

+3 Boost

You need to excuse 009 for his excitement from the recent Republican victories. As for Toyota manipulating the yen, that's amazing that a company can manipulate a country's currency; and a country that has the 4th largest GDP too no less. I can't believe I just fell for 009's attempt at getting clicks.