Toyota Avoids Foreign Exchange Headwinds to Start Fiscal 2019
Toyota's first-quarter fiscal 2019 results did not carry any dramatic news and gave us no reason to change our fair value estimate. Total company operating income increased by 18.9% year over year to JPY 682.6 billion while operating margin increased by 120 basis points to 9.3%. Toyota normally has large foreign exchange headwinds but currency had zero impact on earnings this quarter. A slightly stronger yen against the dollar (109 versus 111 in the prior year's quarter) was offset by a weaker y...
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