TOKYO (AP) — Toyota’s quarterly profit slid 13.5 percent on production setbacks caused by last year’s tsunami disaster and the flooding in Thailand, but Japan’s top automaker raised its annual earnings forecast, saying a recovery is on track.
Toyota Motor Corp. reported Tuesday an 80.9 billion yen ($1.05 billion) profit for the October-December third quarter, down from 93.6 billion yen a year earlier.
Showing confidence in its ability to bounce back, the manufacturer of the Prius gas-electric hybrid, Lexus luxury models and the Camry sedan raised its annual profit forecast to 200 billion yen ($2.6 billion) from 180 billion yen ($2.3 billion).
Still, the higher forecast is barely half of what Toyota raked in the previous fiscal year at 408 billion yen.
Last year was tough for Japanese automakers as
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