Toyota’s Unchanged Forecast Dismays Despite Record Result
- Forecast below market projection, revision seen likely
- Toyota’s ability to churn out cars fuels quarterly profit gain
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Toyota Motor Corp. maintained its annual operating profit outlook, disappointing investors buoyed by the Japanese automaker’s peer-beating financial performance on the back of brisk global demand for automobiles.
Shares in the world’s top-selling carmaker fell as much as 2.3% after it kept its forecast for 2.5 trillion yen ($22.9 billion) for the fiscal year through March, compared with analysts’ average projection for 2.95 trillion yen. Operating profit for the April-June quarter was a record 997.5 billion yen, topping analysts’ prediction for 759 billion yen.