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Toyota Reports Surprise Record Profit on U.S. SUV Demand

Toyota Motor Corp., the world’s biggest automaker, reported profit unexpectedly climbed to a record last quarter as surging SUV sales in the U.S. eclipsed shrinking demand in Japan.

Net income in the April-to-June period rose to 587.8 billion yen ($5.7 billion), trumping the 497.3 billion yen average of 12 analyst estimates compiled by Bloomberg. The Toyota City, Japan-based carmaker maintained its 1.78 trillion yen profit forecast for the fiscal year ending in March 2015.