News Summary: Toyota profit more than doubles

Toyota quarterly profit more than doubles to 314 billion yen ($3.2 billion) on yen, cost cuts

Associated Press

BEATING THE STREET: Toyota shares jumped after its annual earnings topped analyst expectations, as well as its own projections.

THE NUMBERS: Toyota's quarterly profit more than doubled to 313.9 billion yen ($3.2 billion) as cost cuts and better sales worked with a weakening yen to add momentum to the automaker's comeback.

AHEAD: The company, which last year reclaimed the title of world's top-selling automaker, said it expects the strong results to continue in its new business year that ends March 2014. It projected a 1.37 trillion yen ($13.8 billion) profit, up from 962 billion yen for the year ended March 2013.

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