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Toyota bouncing back from quake blow

Toyota eked out a $14 million US quarterly profit and raised its annualearnings forecast yesterday despite the devastation of the earthquakeand tsunami in northeastern Japan.

Toyota eked out a $14 million US quarterly profit and raised its annual earnings forecast yesterday despite the devastation of the earthquake and tsunami in northeastern Japan.

Still, April-June profit for the world’s biggest automaker was a fraction of what it earned the same period the previous year.

All Japanese auto­makers were hit by a shortage of key parts after the March 11 earthquake and tsunami destroyed suppliers in northeastern Japan.

Toyota’s sales were affected not only in Japan but also in the U.S. and other important markets as reduced car production fell short of demand.

But the maker of the Prius hybrid, Camry sedan and Lexus luxury models appears to be bouncing back quicker than expected, as are rival Japanese automakers. The quarterly profit was better than expected. A survey of analysts had forecast Toyota to report a quarterly loss.

 
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