Toyota Predicts 48% Jump in 2010 Profit (TM)

Filed in dividend, Gold, Gold Investing, Gold Investment, shares by on May 11, 2010 0 Comments

Japanese automaker Toyota Motor Corporation ( TM ) on Tuesday said it swung to a profit in fiscal 2009, reversing a year-ago loss, and predicted a big gain in fiscal 2010 profit. The company said it expects its 2009 profit of $2.2 billion to grow by 48% to $3.35 billion in 2010. In fiscal 2008, the company posted a huge loss of about $8.27 billion. That announcement follows the company’s report of a fiscal fourth quarter profit of $1.2 billion, reversing a massive year-ago loss of $8.28 billion in the year-ago period. The company cited cost-cutting initiatives for the better performance. Net revenues and vehicle sales volumes both saw declines from the prior year. Toyota shares fell 66 cents, or -0.9%, in premarket trading Tuesday. The Bottom Line Shares of TM have a dividend yield of 1.89%, based on last night’s closing stock price of $76.75. The stock has technical support in the $71-$72 price area. If the shares can firm up, we see overhead resistance around the $80-$82 price level. We would remain on the sidelines for now. Toyota Motor Corporation ( TM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Toyota Predicts 48% Jump in 2010 Profit (TM)

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