Toyota reports 14.5 pct drop in profit on yen, sales fall

Toyota Motor Corp. is reporting a 14.5 percent drop in profit for the fiscal first quarter as sales fell and a strong yen slashed earnings for the Japanese automaker.

Toyota reported Thursday a 552.4 billion yen ($5.4 billion) profit for April-June, down from 646.3 billion yen the same period a year earlier.

The results were better than the 435 billion yen profit that analysts surveyed by FactSet had projected.

Quarterly sales slipped nearly 6 percent to 6.59 trillion yen ($64.9 billion).

Toyota also lowered its profit forecast for the fiscal year through March 2017, to 1.45 trillion yen ($14 billion), down from an earlier forecast for a 1.5 trillion yen ($14.8 billion) profit.

Toyota had a 2.3 trillion yen ($22 billion) profit for the fiscal year through March.