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Toyota Motor Corp reported a better-than-expected 48% rise in second-quarter operating profit and raised its earnings outlook on Thursday as it benefited from a rebound in vehicle demand and a weaker yen.
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It raised its full-year profit forecast to 2.8 trillion yen ($24.5 billion) from 2.5 trillion yen, but said that without the favorable currency impact, it was “in substance a downward revision due to raw material cost increases.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 181.07 | +1.46 | +0.81% |
Its operating profit of 750 billion yen for the three months to Sept. 30 was higher than a Refinitiv consensus estimate of 593.3 billion yen.
TOYOTA TO SLASH SEPTEMBER PRODUCTION DUE TO GLOBAL CHIP SHORTAGE: REPORT
Hit by a global chips shortage, the maker of the RAV4 SUV crossover and Prius hybrid lowered its full-year sales target to 10.29 million vehicles from 10.55 million.
It also announced a share buyback of up to 150 billion yen or 0.86% of shares.
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($1 = 114.1700 yen)
(Reporting by Tim Kelly; Editing by Kim Coghill and Edwina Gibbs)
