Toyota's quarterly profit climbs on weak yen, solid sales, raises annual forecasts

Toyota says its quarterly profit rose more than fivefold and has raised its earnings forecast.

The Japanese automaker said Tuesday it benefited in the October-December quarter from a weak yen and solid global sales.

Toyota Motor Corp. reported a 525.4 billion yen ($5.2 billion) profit, up dramatically from 99.9 billion yen a year earlier.

Quarterly sales jumped 24 percent to 6.585 trillion yen ($64.2 billion).

The world's top selling automaker raised its profit and sales forecasts for the fiscal year ending March.

The maker of the Prius hybrid and the Camry sedan now projects a fiscal year profit of 1.9 trillion yen ($18.8 billion). Its previous forecast was 1.67 trillion yen ($16.5 billion) profit.