Toyota profit up despite tepid global economy

Japanese automaker Toyota recorded a $5.4 billion profit in its fiscal third quarter, a 4.4% increase despite a tepid global economy.

Toyota global vehicle sales were relatively flat during the three-month period ending Dec. 31, but the strong profit underscored the company's financial resilience and served as a reminder that it remains the envy of the auto industry.

Net revenue rose 2.4% for the period to $62.7 billion. Operating profit margin fell from 10.6% to 9.8%.

In North America, the company's operating income fell 15.5% to $1.2 billion.

The earnings report came two days after Toyota announced that it would discontinue the 13-year-old Scion brand.

Toyota U.S. sales executive Bob Carter told reporters that the company would not record a financial charge on its fiscal fourth-quarter earnings report because of the change.

The automaker maintained its title as the world's largest automaker in the calendar year 2015, besting Volkswagen and General Motors.

Follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey.