Stronger Yen Hurts Toyota's Fiscal 3Q, but Weaker Yen Since Since November Eases Pain
We are not changing our Toyota moat rating or fair value estimate following third-quarter results for fiscal 2017, released Feb. 6, that saw significant currency headwinds from the stronger yen against the dollar year over year. However, the yen has weakened since the U.S. presidential election, so Toyota, like Honda last week, increased its fiscal 2017 guidance primarily for currency. For the fiscal third quarter, total company operating income fell 39% and pretax income fell about 25%. Operati...
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