Toyota's Profit Rises 14% on Higher Sales and Cost Reductions
Toyota Motor (NYSE: TM) said that its operating profit rose 14% in the quarter that ended on Sep. 30, reaching 662.3 billion yen ($6.14 billion), as higher sales and cost controls offset unfavorable currency exchange-rates.
Toyota also said that it will buy back up to $1.8 billion worth of its common stock, or 34 million shares, before its current fiscal year ends on March 31.
Like many Japanese companies, Toyota's fiscal year begins on April 1. The quarter that ended on Sep. 30 was the second quarter of its 2020 fiscal year.
Source Fool.com
