But the numbers released on Monday, including the forecast for a $9.7 billion profit, suggest Toyota is making a comeback. Net profit more than tripled in the company’s second fiscal quarter, which ended in September, to 257.9 billion yen ($3.2 billion), compared with 80.4 billion yen in the period a year earlier, helped by strong sales in North America, where Toyota has been regaining market share. Toyota and its group companies sold 7.4 million vehicles in the first nine months of 2012, beating G.M. and Volkswagen. Revenue rose 18 percent, to 5.4 trillion yen ($67.6 billion).
Toyota’s new profit forecast for the full fiscal year through March was 2.6 percent higher than a previous estimate. But reflecting lower sales in China, the automaker pared back its outlook for full-year production to 8.75 million vehicles from 8.8 million.
Toyota has been less affected than its peers by the fallout from Japan’s drawn-out territorial spat with China, partly because it has been slow to expand its sales in China. Boycotts by Chinese consumers of Japanese brands have led Japanese exporters to re-evaluate their sales plans in a once-promising market.
Measured by unit, China accounted for 12.6 percent of Toyota’s global sales in 2011, compared with 19.38 percent at Honda and 26.7 percent at Nissan.
Honda cut its forecast last week for full-year net profit by 20 percent, to 375 billion yen, citing weak China sales. Nissan profit is also expected to be hurt by lower sales in China when it announces earnings on Tuesday.
But more than demonstrating a stronger buffer from troubles in China, Toyota’s results show the start of a recovery from years of troubles. Those include a collapse in exports during the economic crisis, natural disasters, a stubbornly strong yen and a mishandling of recalls linked to reports of unintended acceleration.
Just a year ago, Toyota was still fighting to restart production after an earthquake and tsunami pummeled Japan and widespread flooding affected parts makers in Thailand. But after a herculean effort to mend broken supply chains and make up for lost capacity elsewhere, the company’s production is back on track.
Toyota is also regaining its reputation for quality and reliability in the United States, its biggest market, which accounts for about 25 percent of its vehicle sales. The brand was tarnished after damaging recalls over sticky pedals and ill-fitting mats in 2010.
The Scion, Toyota and Lexus brands took the top three spots in Consumer Reports’ annual reliability rankings, released Oct. 29. Toyota’s Prius C, a subcompact hybrid, won the best overall score in the rankings, which gauge the reliability of the coming 2013 model-year vehicles on the basis of consumer surveys.
The latest sales numbers show Toyota roaring back in the United States, with a 15.8 percent increase in the sales of light vehicles in October, compared with the month a year earlier, according to Autodata. Japanese automakers in particular have benefited from an accelerating shift among American car owners toward smaller, more fuel-efficient cars as gas prices remain high.
And Toyota is adapting to the yen’s persistent strength — as it has in the past — by building more vehicles overseas.
Japan’s currency troubles have also pushed the automaker, already known for its lean production, to cut costs further. Toyota, which is based in Toyota City, Japan, is increasing the number of common parts it uses across models, for example, to help achieve greater efficiency.
But greater reliance on common parts could backfire if any of those parts prove faulty. Moreover, the company, which expected to double its sales in China by 2015, may need to recalibrate those plans if the territorial dispute drags on.
Shares in Toyota rose 4.6 percent, to $81.35, on the New York Stock Exchange.