TOYOTA MOTOR CORPORATION (TMC) today announced operating results for the third quarter ended December 31, 2002.
On a consolidated basis, net sales for the quarter totaled 4.18 trillion yen, an increase of 13.2 percent compared to the same period last year. Operating income increased 23.3 percent to 379.4 billion yen, while net income was 216.0 billion yen compared to 111.4 billion yen in the third quarter of last year.
Figures for the nine months ended December 31, 2002 also show marked increases in sales and profits compared to the same period of the previous year, continuing the upward trend set by Toyota's record-high interim results.
Commenting on the results, TMC Executive Vice President Ryuji Araki said, "We are pleased to report that during the third quarter, Toyota's vehicle sales increased in each of our operating regions around the world. Our success is the result of our ongoing efforts to introduce new products and reinforce our global sales network."
In Japan, TMC's third quarter market share (excluding minivehicles) was 43.6 percent, up 0.6%. As a result, consolidated sales were 545 thousand units, an increase of thirty-nine thousand units compared to the same period last year. Well-received product launches, along with successful marketing promotions in the latter half of the year, mainly contributed to this result.
Overseas sales increased 20.6 percent in the third quarter, to 1.03 million vehicles. Toyota's vehicle sales in North America continue to be strong, with the Matrix, Corolla and new 4Runner contributing to an increase in sales of seventy-two thousand units over the same period last year. In addition, the Camry, Toyota's flagship sedan, was again the top-selling passenger car in the United States in the 2002 calendar year.
In Europe, sales increased by fifteen thousand vehicles year-over-year, helped mainly by sales of the Corolla, to approach 170 thousand vehicles.
Total sales, including Japan and overseas, approached 1.58 million vehicles in the third quarter, an increase of 216 thousand vehicles, or 15.9 percent, compared to the same period last year.
Araki added, "We have enjoyed favorable profit conditions by operating at full production capacity in each of our operating regions and holding selling expenses in check. As a result, we expect to meet our forecast and surpass last year's results."
(Please see attached information for details on consolidated and unconsolidated results. Further information is also available on the Internet at www.toyota.co.jp)
Cautionary Statement with Respect to Forward-Looking Statements:
This report contains forward-looking statements that reflect Toyota's plans and expectations.
These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
These factors include: (i) changes in economic conditions affecting, and the competitive environment in, the automotive markets in Japan, North America, Europe and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro and the British pound; (iii) Toyota's ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (iv) changes in the laws, regulations and government policies affecting Toyota's automotive operations, particularly laws, regulations and policies relating to environmental protection, vehicle emissions, vehicle fuel economy and vehicle safety, as well as changes in laws, regulations and government policies affecting Toyota's other operations, including the outcome of future litigation and other legal proceedings; (v) political instability in the markets in which Toyota operates; (vi) Toyota's ability to timely develop and achieve market acceptance of new products; and (vii) fuel shortages or interruptions in transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold.
A discussion of these and other factors which may affect Toyota's actual results, performance, achievements or financial position is contained in the "Operating and Financial Review and Prospects" and "Information on the Company" sections and elsewhere in Toyota's annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.