Toyota Motor Corp. said its fourth-quarter profit plunged 28% — primarily due to lower sales and earnings in the Untied States, currency exchange rates and rising raw material costs — and forecasted a similar earnings drop of 27% for its current fiscal year, pushing shares down more than 4% in morning trading.
FRANKFURT, Germany -- German automaker Daimler AG issued another profit warning for the year as it reported third-quarter profit of 213 million euros ($273.5 million) on Thursday, reversing a year-ago loss of 1.5 billion euros. The company abandoned its 2008 earnings forecast and reported a fall in North American sales. Shares fell more than 8% but recovered.
NAGOYA, Japan — Toyota Motor Corp. slashed its earnings forecast today, projecting that it would report its first annual operating loss for the fiscal year through March — its first such loss since it began reporting results in 1941.
The third-quarter auto earnings season revved up Thursday, driving up a handful of auto stocks on a day when investors mostly turned away from the sector. Penske Automotive Group shares soared 7.6% on strong earnings and a dividend boost. Honda Motor Co. shares gained almost 1% as growth and cost cutting combined to deliver a 63% earnings jump.
Toyota Motor Corp. reported on Wednesday record earnings and raised projections for its full-year sales and profit, indicating the company sees more growth ahead.
