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- Toyota Motor Corp TM reported fourth-quarter FY23 sales of ¥9.7 trillion, higher than ¥8.1 trillion a year ago.
- In the quarter, vehicle sales volumes rose to 2.3 million units (vs. 2.1 million units a year ago).
- The operating income for the quarter increased to ¥626.9 billion (from ¥463.8 billion in the prior-year quarter), beating the consensus of ¥553.46 billion, as per Reuters.
- Net income for the quarter was ¥552.2 billion versus ¥533.8 last year.
- For FY23, revenues increased 18.4% Y/Y to ¥37.2 trillion, led by strong automotive volumes (+18.2% Y/Y).
- However, operating income declined 9.0% Y/Y to ¥2.7 trillion in FY23 on higher material prices, increased expenses, swap valuation losses, and production termination expenses in Russia.
- The company held ¥7.5 trillion in cash and equivalents as of March 31, 2023.
- FY24 Outlook: The automaker expects revenue of ¥38 trillion (+2.3% Y/Y) and operating profit to reach ¥3.0 trillion (+10.1% Y/Y, vs. analysts' consensus of ¥3.02 trillion).
- Toyota sees a production volume of 10.1 million (+10.6% Y/Y), with expected growth across all regions. It projects total retail unit sales, which includes Toyota and Lexus, of 11.4 million units.
- Also read: Toyota Stops Yaris Model Sales In Thailand After Safety Concerns: Report
- The company projects electrified vehicle (EV) sales of 3.8 million units, an increase of 34.9% Y/Y.
- Also Related: Toyota Accelerates EV Ambitions: Gearing Up for a Showdown with Tesla
- Toyota disclosed the year-end dividend to be ¥35, an increase of 7% Y/Y. The company plans to buy back a maximum of ¥150 billion shares (equivalent to its interim repurchases) in FY24.
- Price Action: TM shares are trading higher by 1.67% at $143.20 premarket on the last check Wednesday.
- Photo Via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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