Echoing that optimism, Toyota raised its full-year sales target for North America, even though it trimmed its forecast for global sales.
Toyota now expects to sell 2.74 million vehicles in North America in the current fiscal year ending March 31, 2015. That is up from its earlier forecast of 2.71 million and represents a healthy 8 percent rise over the prior fiscal year.
Elsewhere, Toyota was not as bullish. While it boosted its meager European target by 10,000 vehicles, it trimmed its sales forecasts for Japan, Asia outside Japan, Australia, Latin America and Africa. Toyota now predicts it will sell 9.05 million vehicles worldwide, as opposed to the 9.1 million it had forecast earlier.
The new target marks a slight decline from 9.12 million sold in the fiscal year ended March 31, 2014.
In the latest quarter, robust business in North America combined with the rapidly weakening yen and aggressive cost cutting to push global profits higher. Net income jumped 23 percent to $4.93 billion, as revenue rose 4 percent to $59.90 billion.
With a steeper-than-expected decline in the yen serving as a tailwind, Toyota raised its full-year profit and revenue forecasts. It now predicts the current fiscal year will see a second straight year of record operating and net profits.
Toyota is traditionally more sensitive to fluctuating exchange rates than its big Japanese rivals Nissan Motor Corp. and Honda Motor Co., because of its greater reliance on exports from Japan. But all Japanese automakers have benefited this year from the yen's retreat against other currencies, as the Japanese government pursues an ultra-loose monetary policy in an effort to jumpstart the country's beleaguered economy.
Kodaira said that other factors, including aggressive cost cutting, also contributed to the quarterly profit jump.