Tags: toyota | adr | profit | outlook

Toyota's ADRs Surge on Improved Profit, Outlook

Friday, 03 Aug 2012 02:54 PM

 

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U.S.-listed stock of Toyota Motor Corp., which retook the global auto-sales lead in 2012’s first half, climbed the most in more than three years after the company reported quarterly profit that beat analysts’ estimates and raised its sales target.

The company’s American depositary receipts rose 5.5 percent to $81.25 at 1:23 p.m. in New York. Earlier, they gained as much as 5.6 percent, the most intraday since April 2, 2009.

Net income for the quarter ended June 30 was 290.3 billion yen ($3.7 billion), 14 percent higher than the average of seven analysts’ estimates compiled by Bloomberg. That was double the $1.85 billion General Motors Co. reported Thursday.

Toyota may regain its global sales title for the year from GM and Volkswagen AG, based on its revised goal. The Toyota City, Japan-based company, which fell to third last year, now expects sales to rise 23 percent to a record 9.76 million vehicles in 2012. The target, which Toyota announced today in Tokyo, was increased from 9.58 million, including deliveries for its Daihatsu Motor Co. and Hino Motors Ltd. units.

“Toyota’s got a fair lead, and it’s going to be a tough act for the others to make up for it in the second half,” Ashvin Chotai, London-based managing director at Intelligence Automotive Asia, said by telephone Friday.

Toyota rose 0.7 percent to 3,065 yen at the close in Tokyo, before the earnings announcement. That extended this year’s gain to 19 percent. The company’s U.S. sales unit is based in Torrance, California.

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