NEW YORK (TheStreet) -- Shares of Toyota Motor Corp. (TM) rare slightly higher in pre-market trade after the automaker reported profit that unexpectedly hit a record last quarter as growing SUV sales in the U.S. overshadowed falling demand in Japan, Bloomberg reports.
Net income in the April-to-June period increased to 587.8 billion yen ($5.7 billion), easily surpassing the 497.3 billion yen average of 12 analyst estimates compiled by Bloomberg.
Toyota maintained its 1.78 trillion yen profit forecast for the fiscal year ending in March 2015.
TheStreet Ratings team rates TOYOTA MOTOR CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TOYOTA MOTOR CORP (TM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, attractive valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."