(August 2, 2013) Toyota reported today that it increased its quarterly profit by 94 percent to 562.2 billion yen ($5.5 billion), helped by a weaker yen and strong sales in the United States. Announcing its April-June results, Toyota also raised its profit forecast by 8 percent for the year ending March 2014.

Full-year net income will probably climb to a six-year high of 1.48 trillion yen ($14.8 billion), and exceed the previous 1.37 trillion yen forecast, Toyota said.

Commenting on the results, TMC Managing Officer Takuo Sasaki said: “Operating income increased due to the impact of foreign exchange rates and our global efforts for profit improvement, through cost reduction activities such as companywide value analysis, and through marketing activities such as enhancement of the model mix and pricing.”

Toyota raised its full-year global production forecast to 10.12 million vehicles from the previous forecast of 9.94 million vehicles, including production at Daihatsu Motor Co. and Hino Motors Ltd. If Toyota reaches that target, it would be the first automaker to build more than 10 million vehicles in a given year.

In the United States, Toyota sold 1.3 million vehicles in January-July, up 8 percent from a year ago. July sales increased 17 percent to 193,394 units, the fastest expansion since January, as the company offered competitive leases and cranked up incentives for its best-selling Camry.

Sources: Toyota Motor Company, press reports