With Toyota Motor Profit Slashed, Auto Company Still Faces 'Uncertainties' (TM)

Toyota Motor Corporation TM announced its 4th quarter earnings results Wednesday, and stated net income fell by more than 70% year-over-year because of the devastating Japanese earthquake and tsunami. Net income fell to 25.4 billion yen, or about $314 million, for the three months ended March 31. The number is in stark contrast to the 112.2 billion yen that Toyota earned a year earlier, the company said in a statement today. TMC President Akio Toyoda commented that “We finished the fiscal year to March 31, 2011 with improved operating income of 468.2 billion yen as a result of our efforts on marketing and cost reduction despite a negative impact of around 100 billion yen from the Great East Japan Earthquake. Our business environment continued to be challenging due to Yen appreciation among others. Nevertheless, we managed to improve our profit structure even further thanks to the support from all our stakeholders, in particular our customers.” Consolidated vehicle sales for the fiscal year totaled 7.308 million units, an increase of 70,000. In North America, vehicle sales totaled 2.031 million units. Toyota also announced a year-end dividend of 30 yen per share, to be proposed at the general shareholders meeting in June. Notably, "TMC decided not to announce forecasts for consolidated vehicle sales, net revenues and earnings for the fiscal year ending March 31, 2012, as more time is needed to complete the examination of production and sales plans due to the impact of the Great East Japan Earthquake." In its earnings release, Toyota comments that it still faces "known and unknown risks, uncertainties and other factors" due to the "impact of the March 11, 2011 Great East Japan Earthquake and ensuing events, including the negative effect on Toyota's vehicle production and sales." Toyota Motor Corporation is a Japanese-based company mainly engaged in the automobile and financial businesses. Shares closed higher by $1.66 on Tuesday, to $81.02.