Toyota lifts annual forecast and announces stock buyback, but shares fall
The automaker cited a weaker yen, resilient hybrid demand and cost cuts as it lifted sales targets and set a buyback equal to 4.22% of shares.
- On Tuesday, Toyota Motor Corp raised its annual operating profit forecast by 13% and announced a share buyback program worth up to 1 trillion yen amid global market pressures.
- A weaker yen bolstered overseas earnings for the Japanese automaker, offsetting a fifth consecutive quarterly earnings decrease driven by slumping sales in China.
- Toyota recorded a 1.48 trillion yen net profit in the April-June period while navigating production disruptions from the Middle East situation and a recent earthquake on Kyushu.
- Chief Officer Takanori Azuma said Toyota is developing "various logistics routes" to the Middle East, as detours around South Africa's Cape of Good Hope doubled shipping lead times.
- For the fiscal year ending March 31, 2027, Toyota expects 3.25 trillion yen in net income and raised its annual vehicle shipment target by 100,000 units to 9.7 million.
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(Tokyo=Yonhap News) Correspondent Lee Do-yeon = Due to the weak yen, the second-quarter performance of most Japanese automakers was strong.
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Toyota Lifts Profit Outlook on Hybrid Surge and Weak Yen, Signals Battery Shift
Toyota Motor Corp. delivered a surprise lift to its full-year profit forecast. The Japanese automaker posted stronger-than-expected net income for the April-June quarter. And it announced a massive share buyback. Net income jumped 75.6% to 1.477 trillion yen ($9.2 billion). Revenue climbed 10.4% to 13.525 trillion yen. Yet operating income slipped 8.8% to 1.063 trillion yen. The gap? One-time gains from selling stakes and reshuffling subsidiarie…
Toyota lifts annual forecast and announces stock buyback, but shares fall
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