Despite recalls, Toyota manages $1.2B profit

Source: Salt Lake Tribune

Tokyo » Despite being mired in recalls and inquiries into its safety record, Toyota roared back to a profit in the fiscal year that just ended and forecast on Tuesday a further increase in earnings.

But the automaker's top executive and analysts alike said Toyota is still far from a full recovery, even as another potential blow to its image looms after U.S. federal authorities launched a fresh investigation into a steering recall.

Toyota Motor Corp. said Tuesday that January-March profit totaled $1.2 billion, compared with a multibillion-dollar loss the year before.

Quarterly revenue jumped to $57 billion from around $40 billion a year earlier, when purchases of cars and other vehicles were slumping amid the global financial crisis.


Read more: http://www.sltrib.com/business/ci_15064089