Toyota Motor Corp. rose to the highest in a month in Tokyo trading as profit beat analysts’ estimates and the company raised its sales target.
Asia’s largest automaker climbed 2.5 percent to 3,140 yen, the highest since July 9, at the close of trading in Tokyo. The shares were today’s biggest contributor to the 2 percent gain on the benchmark Nikkei 225 Stock Average.
Toyota may regain its global sales title for the year from General Motors Co. and Volkswagen AG, based on its revised goal. The carmaker, 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 Aug. 3 along with earnings, was increased from 9.58 million, including deliveries for its Daihatsu Motor Co. and Hino Motors Ltd. units.
“Consolidated wholesale sales volume exceeded company targets in all regions, which was especially positive,” for the first quarter, Kunihiko Shiohara, a Tokyo-based auto analyst at Credit Suisse Group AG, wrote in a note to clients dated today.
Net income climbed to 290.3 billion yen ($3.7 billion) in the three months ended June 30, the most in four years and 14 percent higher than the average of seven analysts’ estimates compiled by Bloomberg. Toyota reported earnings Aug. 3 after markets closed in Tokyo.
Toyota generated profit from Japan for a second-straight quarter after posting eight consecutive quarters of losses. Operating profit at home was 107.1 billion yen, more than double the 47.3 billion yen average analyst estimate.
In Japan, Toyota’s deliveries almost doubled last quarter, led by the Prius hybrid, as pent-up demand and government subsidies for fuel-efficient cars helped spur demand. The Japanese market, recovering from last year’s earthquake and tsunami, expanded 54 percent in the first six months of 2012. That’s the fastest growth among the world’s biggest automobile markets, according to data compiled by Bloomberg.