Toyota Forecasts Higher Profit, Plans Buyback After Record Year
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Toyota Motor Corp. forecast profit will surpass last year’s record and said it plans to buy back shares as the carmaker resumes its global expansion amid rising sales in the U.S. and China.
Net income will probably rise to 2.25 trillion yen ($18.8 billion) in the fiscal year ending March from the previous year’s 2.17 trillion yen, the company said in a statement Friday. The projection trailed the 2.43 trillion yen average of 27 analyst estimates compiled by Bloomberg. Toyota said it’s buying back up to 1.27 percent of its shares for as much as 300 billion yen.