By Kosaku Narioka
Toyota Motor raised its full-year earnings guidance after saying that second-quarter net profit nearly tripled from a year earlier as sales grew thanks to an easing chip shortage.
The Japanese automaker said Wednesday that net profit increased to 1.278 trillion yen ($8.43 billion) for the three months ended Sept. 30 from Y434.26 billion in the year-earlier period. That beat the estimate of Y912.325 billion in a poll of analysts by Quick.
The year-earlier results had been hit by higher materials costs and a shortage of semiconductors that weighed on production.
For the fiscal-year ending March 2024, Toyota projects that net profit will increase 61% to Y3.950 trillion, up from its previous forecast of Y2.580 trillion. The carmaker kept its fiscal-year forecast for group vehicle sales, including those of subsidiaries Daihatsu Motor and Hino Motors, unchanged at 11.4 million units.
Write to Kosaku Narioka at [email protected]
By Kosaku Narioka
Toyota Motor raised its full-year earnings guidance after saying that second-quarter net profit nearly tripled from a year earlier as sales grew thanks to an easing chip shortage.
Net profit rose to 1.278 trillion yen ($8.43 billion) for the three months ended Sept. 30 from Y434.26 billion in the year-earlier period, the Japanese automaker said Wednesday. That beat the estimate of Y912.325 billion in a poll of analysts by Quick.
Second-quarter revenue climbed 24% from a year earlier to Y11.435 trillion as car sales rose thanks partly to the easing of semiconductor shortages. The year-earlier results had been hit by higher materials costs and the chip shortage that weighed on production.
For the fiscal year ending March 2024, Toyota projects that net profit will increase 61% to Y3.950 trillion, up from its previous forecast of Y2.580 trillion. It attributed the higher profit partly to a weaker yen.
It kept its fiscal year forecast for group vehicle sales, including those of subsidiaries Daihatsu Motor and Hino Motors, unchanged at 11.4 million units.
Write to Kosaku Narioka at [email protected]
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