Toyota posts record annual profit: $17.9 billion

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Posted: Friday, May 9, 2014 12:00 am

Toyota chalked up a record annual profit of $17.9 billion Thursday and sales above 10 million vehicles for the first time. But the company forecast Thursday a slower year ahead as the momentum from a weak yen fades.

Expenses such as the $1.2 billion penalty it paid in a settlement with the U.S. Justice Department earlier this year for hiding information about defects in its cars dented its profit for the January-March quarter, according to Toyota. The world’s top automaker is forecasting a $17.5 billion profit for the fiscal year through March 2015.

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