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Toyota Motor Corp. (TM - Analyst Report) expects that its sales in the U.S. will top 2 million vehicles in 2012 depending on burgeoning demand for Camry sedan and Prius hybrid. Last time, when the automaker’s sales reached that level was in 2007, at 2.62 million vehicles. Logging a sales of more than 2 million vehicles in the year implies a 22% growth from 2011.

In the first nine months of the year, Toyota’s sales grew 29.5% to 1.72 million vehicles. Sales of Camry surged 36.5% to 344,714 units while sales of Prius leapt 91.2% to 200,114 units during the period (all on a daily selling rate basis).

Toyota saw more than threefold increase in profits to ¥257.92 billion ($3.28 billion) or ¥81.44 ($1.04) per share in the second quarter of fiscal year ended September 30, 2012 from ¥80.42 billion or ¥25.65 in the same quarter of prior fiscal year.

The increase in profits can be attributed to strong demand for Toyota vehicles as well as positive impact from the company’s cost control measures. However, profits were lower than the Zacks Consensus Estimate of $1.62 per share.

Revenues in the quarter grew 18.2% to ¥5.41 trillion ($68.75 billion) on a 14.9% rise in sales volume to 2.16 million units. Vehicle sales increased in all the regions, except Europe. Operating income more than quadrupled to ¥340.61 billion ($4.33 billion) from ¥75.39 billion in the second quarter of previous fiscal year.

For fiscal 2013 ending March 31, 2013, Toyota projected lower consolidated vehicles sales of 8.75 million units, down 50 thousand units from the prior guidance. The automaker also lowered its consolidated revenue outlook to ¥21.30 trillion (up 14.6% from fiscal 2012) from the prior guidance of ¥22.00 trillion. The downward revision of sales outlook was based on difficulties in Chinese and European markets.

However, it raised operating income guidance to ¥1.05 trillion (up 195.3% from fiscal 2012) from the prior level of ¥1.00 trillion and profits to ¥780.0 billion (175.1%) from the previous projection of ¥760.0 billion.

Toyota is the leading automaker in the world. Its product portfolio consists of a full range of models from passenger cars, minivans and trucks as well as related parts and accessories.

The company’s domestic competitors include Honda Motor Co. (HMC - Analyst Report) and Nissan Motor Co. (NSANY). Despite better results, the company currently retains a Zacks #3 Rank on its shares, which translates to a short-term (1 to 3 months) rating of Hold, owing to the global economic weakness and problems in China, the company’s one of the biggest markets.
 

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