IN BRIEF
LOS ANGELES — A resurgent housing market, rising home values and steady job gains are helping more U.S. homeowners stay on top of their mortgage payments.
The percentage of mortgage holders at least two months behind on their payments fell by 21 percent in the first three months of this year versus the same period in 2012, credit reporting agency TransUnion said today.
The sharp annual decline in the mortgage delinquency rate represents the biggest quarterly drop on record for TransUnion, whose data go back to 1992.
All told, the mortgage delinquency rate was 4.56 percent in the first quarter. That's down from 5.78 percent in the prior-year quarter, TransUnion said.
TOKYO — Toyota's quarterly profit more than doubled to $3.2 billion as cost cuts and better sales worked with a weakening yen to add momentum to the automaker's comeback.Toyota, which last year reclaimed the title of world's top-selling automaker, said today it expects the strong results to continue in its new business year that ends March 2014. It projected a $13.8 billion profit.The annual earnings result was better than the average forecast of $9.2 billion in a FactSet survey of analysts and also outdid the company's own forecast for $8.7 billion profit.A recent plunge in the yen is a boon for Japanese exporters such as Toyota because it boosts earnings from overseas. The U.S. dollar has gained about 20 percent against the yen and is now trading at nearly 100 yen.
LOS ANGELES — Revenue gains at Disney's parks and movie studio led to a 32 percent increase in net income during the January-March quarter. The results, which topped analyst expectations Tuesday, showed that the company's record-setting investments in a new cruise ship and multiple theme park upgrades last year are starting to pay off.Net income grew to $1.51 billion, or 83 cents per share. Factoring out one-time items, adjusted earnings came to 79 cents per share, beating the 77 cents expected by analysts surveyed by FactSet.Parks and resorts revenue rose 14 percent to $3.30 billion, thanks to higher attendance and guest spending at parks in Anaheim, Calif., and Orlando, Fla.
