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Toyota's quarterly profit reaches a record level

TOKYO — Toyota logged a better than expected performance in the last quarter, reporting Friday that its quarterly profit jumped 7.2 percent to a record $5.9 billion, thanks to strong sales in the U.S. and other overseas markets.

The maker of the Camry sedan, Prius hybrid and Lexus luxury models said sales rose 4.5 percent, also to a record, of 7.4 trillion yen ($66 billion). Toyota’s profit in the same quarter a year earlier was 613.0 billion yen.

The results were better than expected given recent trends in the U.S. market and Japan, where Toyota’s sales did fall in the April-June quarter, by almost 34,000 units.

Cost cutting also helped trim $537 million from expenses, the company said.

With uncertainties over possible U.S. tariff increases clouding the horizon, the company kept its profit forecast for the full year unchanged at $66 billion and trimmed its global sales forecast further, to 8.9 million vehicles from the earlier estimated 8.95 million units.

It said the forecasts do not take into account possible tariff hikes or other such changes.

Toyota has invested heavily in U.S. manufacturing facilities, which should help soothe the sting from higher tariffs. But all the big Japanese automakers would hurt if President Donald Trump’s administration follows through on threats to impose 25 percent tariffs on imports of autos and auto parts.

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