Toyota Braces for U.S. Trade Tension, Raises Profit Forecast
- Third-quarter operating profit drops 39%, missing estimates
- President Donald Trump has criticized Toyota on Mexico
Weaker Yen a Key Factor in Toyota Forecasts
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Toyota Motor Corp. raised its full-year forecasts -- albeit falling short of analysts’ estimates -- as the carmaker sought to navigate rising protectionism under U.S. President Donald Trump and as the yen’s volatility weighed on prospects for exports of its Prius and Lexus models.
Operating profit will probably be 1.85 trillion yen ($16.4 billion) in the year through March, up from its previous forecast of 1.7 trillion yen but about 10 percent lower than what analysts projected. The Toyota City, Japan-based automaker on Monday reported a 39 percent decline in third-quarter operating, also missing estimates.