Helped by sales of the Camry sedan in the States and the Prius hybrid in Japan, Toyota reached a first-quarter profit higher than analysts’ estimates.
In April, May and June net income was up 290.3 billion yen ($3.7 billion), compared to 1.16 billion yen in 2011. Profit was the highest in the last four years, beating the 253.7 billion, what analysts have estimated.
Although severely affected by the natural disasters in 2011, Toyota still managed to outsell Volkswagen and GM, leading the industry for two straight quarters, thanks to surged sales in Japan and the US. Now the company relies on the Camry and Prius to keep the sales at this level in the US, since analysts predict a slow demand in Japan.
“Toyota’s business results for the first quarter were strong but we should keep in mind that the sales surge was aided by domestic subsidies and new cars like the Camry in the U.S.,” said Koichi Sugimoto, a Tokyo-based auto analyst at BNP Paribas.
From April to June Toyota’s US deliveries were up 48% to 558,812 units, due to increased sales of the Prius hybrids, Corolla compact sedans and Camry sedans and in Japan the auto maker managed to help the industry recover form the 2011 disasters.