Toyota Trims Guidance as Q3 Profit Sinks - TheStreet

Toyota Motor Corporation (TM) - Get Report said it trimmed its full-year guidance Wednesday after reporting a drop in third-quarter profit.

The Tokyo-based automaker said third-quarter earnings fell to 180.9 billion yen, or $12.6 billion, compared with 941.8 billion yen a year ago, when profits were helped by the U.S. tax reforms.

Unrealized gains and losses in equity securities also hurt earnings in the latest quarter. Toyota's global sales increased 2.8% to 2.71 million units. Asia sales increased 15% to 464,000 units, while sales in North America fell 7.5% to 680,000 units.

The company revised its consolidated financial forecasts for the fiscal year. Based on an exchange rate assumption of 110 yen to the U.S. dollar and 128 yen to the euro, Toyota said it now forecasts net income of 1.87 trillion yen, or $17 billion, below its earlier projection for a 2.3 trillion yen, or $21 billion, profit.

Shares of Toyota were off 1.96% to $121.05 Wednesday.

Separately, General Motors (GM) - Get Report reported fourth-quarter net income of $2.1 billion, or $1.40 a share, compared with a loss of $5.2 billion, or $3.65 a share, a year ago. Excluding one-time items, the company earned $1.43, beating analysts' expectations of $1.22 a share. The company maintained its full-year 2019 adjusted earnings forecast of between $6.50 and $7 a share.

Shares of GM were up 1.12% to $39.74 Wednesday afternoon.