Japanese auto market Toyota Motor Corp. (NYSE: TM) posted a 7.5% profit during its fiscal third quarter.
Looking at raw sales figures, the quarter saw an increase of $5.2 billion to $62.5 billion. Sales in the American market however did dip in the quarter, seeing a decline of $77 million, or 0.3%. The hard times that the company is going through in the American market has so far been offset by rapid sales growth in China and Russia, as well as oil-rich regions of the world.
Toyota, which has been making strong gains in market share, left its full year projections unchanged, with a forecast of 8.93 million vehicles.
In addition, the company also announced that it had approved a share buybacks worth up to $1.1 billion, and announced plans to cancel 4.49% of outstanding stock in order to maximize return on capital.
Shares of TM are trading down 0.4% in the premarket.
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