Toyota's profit up nearly 5 percent on sales growth, forecasts fewer vehicle sales for year

TOKYO – Toyota Motor Corp. reported a better-than-expected rise in quarterly profit as vehicle sales grew in North America and Europe, offsetting a drop in Japan.

The Japanese maker of the Prius hybrid, Camry sedan and Lexus luxury model reported Tuesday an April-June profit of 587.77 billion yen ($5.7 billion), up nearly 5 percent from a year earlier.

Quarterly sales rose 2 percent to 6.39 trillion yen ($62.3 billion).

But Toyota lowered its vehicle sales forecast for 2014, saying it now expects to sell 110,000 fewer vehicles worldwide than the plan announced in January.

Even then, it will still reach the 10 million vehicle industry milestone at 10.22 million vehicles, up 2 percent from 2013.

Toyota, the world's top automakeria, sold 2.24 million vehicles in April-June.