Toyota Raises Full-Year Guidance as Profit Falls 11%

Toyota Motor Corporation (NYSE: TM) said on Aug. 4 that it earned 574.29 billion yen ($5.18 billion) in operating profit in the quarter that ended on June 30.

That was down 11% from its operating result a year ago. But it was higher than expected, leading Toyota to raise its full-year profit forecast. Analysts polled by Thomson Reuters had expected Toyota's operating profit to come in at 538.3 billion yen.

Toyota also announced a new "business and capital alliance" with smaller rival Mazda Motor Corporation (NASDAQOTH: MZDAF). The two companies will share electric-vehicle technology and build a major new factory in the United States under a joint venture arrangement.

Source: Fool.com