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Toyota Global Income Increases 10% in First Quarter FY 2016

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2016 Toyota RAV4 Hybrid

The 2016 Toyota RAV4 Hybrid will make its debut in the 2016 fiscal year

Toyota is well on its way to seeing a successful 2016—and the year hasn’t even started yet. In Toyota’s world, however, we just began the second quarter of the 2016 financial year, and if all goes well, it’ll be as successful as the first quarter. Toyota is reporting a 10% increase in global net income for the quarter, which ran from April 1 until June 30, 2015.

In all, Toyota moved a whopping 2.11 million vehicles globally during the quarter. While this number was down slightly year-over-year, Toyota’s North American region posted sales gains,  compared to regions including Europe and Asia where the brand experienced declines. Despite this, the automaker posted a first quarter net revenue of 6.98 trillion yen—$57.7 billion—which was up 9.3%.

In North America, Toyota experienced total sales of 728,813—up 18,404. Operating income, which excludes valuation gains/losses from interest-rate swaps, was up to 151.1 billion yen, or $1.25 billion.

This report bodes well for Toyota’s 2016 fiscal year global forecast. The automaker expects to move 8.95 million vehicles—up from 8.9 million in previous forecasts. Toyota expects to have a consolidated net income of 27.8 trillion yen overall, which translates to roughly $237.6 billion.

Whether or not this forecast will prove to be true remains to be seen, but judging by the first quarter, the automaker is certainly on the right track to having a fruitful year.