Updated from 1:18 a.m. EST
TOKYO ( TheStreet) -- Toyota (TM) said it swung to a profit of 153.2 billion ($1.69 billion) in the third quarter from a year-earlier loss and revised its full-year earnings forecast to 80 billion yen from a previous outlook of a loss of 200 billion yen.
The earnings period ended Dec. 31, before the world's No. 1 automaker had to begin a massive global recall of cars because of a sticking gas-pedal problem.
Analysts surveyed by Thomson Reuters expected third-quarter earnings of 87.7 billion yen.Toyota said third-quarter net revenue rose 10.2% to 5.3 trillion yen. Toyota raised its full-year revenue forecast to 18.5 trillion yen. Toyota raised its vehicle sales forecast for the fiscal year ending to 7.18 million units, up 150,000 units from its forecast in November. Toyota, following its earnings report, said there were design problems with the antilock brake system in the new gas-electric hybrid Prius, which went on sale in May 2009, the Associated Press reports. Toyota spokeswoman Ririko Takeuchi said Toyota found out there were design problems and corrected the design for Prius models sold since late January. But it was still investigating how to inform people who had bought them earlier. Toyota has received about 180 complaints in the U.S. and Japan about brake problems with the Prius, the Associated Press reports. It was reported earlier by Bloomberg that the new Prius could be recalled after the Japanese government ordered an investigation of the car's braking system, Bloomberg reports. "The possibility of a recall is not zero," spokesman Takanori Yokoi told Bloomberg. The world's No. 1 automaker is considering measures that may include a recall, the spokesman said. The brake problems come as Toyota is dealing with a massive global recall because of sticking gas pedals. The latest reports have Toyota recalling anywhere from 4.5 million vehicles to 9 million, with 2.3 million in the U.S. alone. Vehicles Affected in the Toyota Recall The Prius hybrid isn't part of the gas-pedal recall. -- Reported by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV