BY Staff and Wire Reports
Wednesday, February 06, 2013
2/06/13 at 2:17 AM
Toyota raises forecast, reports rise in profit
Toyota Motor Corp. raised its fiscal year profit forecast Tuesday to triple what it eked out for the disaster-struck previous year, as the world's top automaker continued on a comeback roll as sales surged, especially in the U.S.
Toyota's October-December profit jumped 23 percent to 99.91 billion yen ($1.09 billion), compared to the same period the previous year. Quarterly sales edged up 9 percent to 5.3 trillion yen ($58 billion).
Underlining its solid recovery, Toyota is now expecting fiscal year profit of 860 billion yen ($9.3 billion). It had initially expected a 780 billion yen ($8.5 billion) profit.
U.S. service firms grew more slowly in January
Growth at U.S. service companies slowed slightly in January behind weaker new orders and business activity. But hiring improved, a bright sign for the economy.
The Institute for Supply Management said Tuesday that its index of non-manufacturing activity dipped to 55.2 in January. That's down from 55.7 in December, which was the highest level in nearly a year. Any reading above 50 indicates expansion.