Toyota posts profit surge and lifts annual outlook as hybrid sales shine
TM•Toyota raised its annual operating profit outlook by 15% to 3.9 trillion yen after July-September operating profit rose 34% to 1.13 trillion yen, beating analysts’ forecast. The company cited a weaker yen and robust demand for higher-margin hybrid vehicles.
1. Profit and outlook rise
Toyota reported operating profit of 1.13 trillion yen for the July-September quarter, up 34% and above the 992 billion yen median analyst forecast. It raised its operating profit outlook for the year ending in March by 15%, to 3.9 trillion yen.
2. Hybrids support results
The company said a weaker yen and robust demand for higher-margin hybrid vehicles helped offset sales declines in China and the Middle East. Chief accounting officer Takanori Azuma said sales efforts and cost reductions were offsetting the impact of the Middle East situation and higher material prices.
