Toyota's net profit rose 1.5 times in Q3

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Toyota's net profit rose 1.5 times in Q3

10.02.2021 10 February 2021
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Toyota Motors' earnings

Japan's Toyota Motor Corp (T:7203). net profit rose 50%, or 1.5 times, to 838.7 billion yen ($8.02 billion) for the third quarter of fiscal 2021 (October-December), up from 559.3 billion yen in the same period a year earlier.

The figure was well above the consensus forecast of 500.47 billion yen by analysts polled by FactSet.

The automaker said in a press release that its quarterly revenue rose 7.1% to 8.15 trillion yen.

The automaker's operating profit jumped 54% to 987.9 billion yen. Growth in operating profit was recorded in all regions, including a 34% increase in Japan, and the North American division more than doubled its profit.

A drop in car sales related to the coronavirus pandemic negatively impacted the company's financial results in early 2020, but Toyota has improved its global sales forecast for the fiscal year ending March 2021. Toyota's global vehicle sales for the year are expected to be 9.7 million vehicles, including those of its subsidiaries Hino Motors Ltd. and Daihatsu Motor Co. instead of the 9.4 million previously forecast.

Toyota also raised its annual net profit and revenue forecasts. Revenue is now expected to drop 11% to 26.5 trillion yen from the previously forecast 26 trillion yen, while net income is expected to fall 6.7% to 1.9 trillion yen from 1.42 trillion yen. The operating profit forecast was raised to 2 trillion yen from the previously expected 1.3 trillion yen.

Toyota shares quotations grew by 1,7% following the results of trades on Wednesday. Over the last year, the company's capitalization increased by 4.3% and is now about 22.5 trillion yen.

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