Toyota’s first quarter operating profit jumps to $ 9.2 billion, beating expectations

TOKYO, Aug.4 (Reuters) – Toyota Motor Corp (7203.T) on Wednesday reported higher than expected first-quarter operating profit of 997.49 billion yen ($ 9.15 billion) as sales due to the pandemic have rebounded and weathered a global smart supply shortage better than many rivals.

The operating profit of the largest Japanese automaker for the quarter ended June 30 was above an average estimate of 752 billion yen based on 10 analysts polled by Refinitiv and well above 13.9 billion in the first quarter affected by the pandemic a year earlier.

Toyota maintained its annual forecast of operating profit of 2.5 trillion yen for the current fiscal year it achieved in May. Read more

The manufacturer’s outlook for the RAV4 crossover SUV and Prius hybrid vehicles lags behind an average forecast of operating profit of 2.88 trillion yen, according to 24 analysts polled by Refinitiv.

($ 1 = 109,0500 yen)

Reporting by Maki Shiraki in Tokyo and Norihiko Shirouzu in Beijing; Writing by Jamie Freed; Editing by Muralikumar Anantharaman

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