Toyota falls

Toyota Motor Corp. fell as much as 5.3 percent in New York trading as the world’s second-largest automaker posted a steeper drop in quarterly profit than analysts estimated and said earnings this year will slump 27 percent on a stronger yen and decreasing U.S. sales.

Net income declined 28 percent to 316.8 billion yen ($3 billion) in the fiscal fourth quarter ended March from 440 billion yen a year earlier, Toyota said in a statement today. Sales rose 3.8 percent to 6.57 trillion yen. Profit missed the 375.2 billion yen median of six analyst estimates compiled by Bloomberg.