Toyota's Fiscal Second Quarter Again Hurt by Currency; We Like the Shift in EV Thinking
We are not changing our moat rating or fair value estimate for Toyota after the company reported fiscal 2017 second-quarter results that suffered greatly from a stronger yen against the dollar and many other currencies, likely in South America and Southeast Asia. Consolidated operating income for the quarter fell by JPY 352.7 billion, or 42.6%, year over year but increased by JPY 55 billion excluding foreign exchange headwinds and losses from swaps. Management’s cost-reduction efforts and positi...
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