Hyperdrive
Toyota Profit Tops Estimates, Sending Shares to All-Time High
- Quarterly operating profit climbs to record ¥1.1 trillion
- Carmaker keeps conservative outlook despite strong quarter
Toyota produced and sold a record number of vehicles in June, the company said last week.
Photographer: Akio Kon/BloombergThis article is for subscribers only.
Toyota Motor Corp.’s quarterly profit exceeded estimates as improvements in supply of semiconductors and a weak yen helped it capitalize on a global rebound in demand for vehicles. The stock closed at a record high.
Operating profit for the three months through June was a record ¥1.1 trillion ($7.7 billion), the world’s No. 1 carmaker said in a statement Tuesday. That compared with ¥880 billion projected by analysts. Toyota kept its outlook for operating income for the fiscal year at ¥3 trillion.