Why Japanese Automaker Toyota Is Surging Today

Toyota Motor Corp TM reported H1 FY24 sales revenue rose 24.12% Y/Y to ¥22.0 trillion.

For the first half of FY24, total retail vehicle sales increased 8.3% to 5.596 million units, and production jumped 10.1% to 5.738 million vehicles.

Vehicle sales volumes rose 14.1% Y/Y to 4.7 million units (vs. 4.2 million units a year ago) on growth across all regions.

Toyota and Lexus vehicle sales rose 9.1% Y/Y to 5.2 million, and EV sales increased 38.1% Y/Y to 1.8 million.

RelatedToyota Unveils 1,000 KM Range Lexus EV Concept, Aims To Hit Roads In 2026

The operating income for the quarter increased to ¥2.56 trillion (from ¥1.14 trillion in the prior-year quarter). Marketing initiatives positively impacted the operating income by ¥1.290 trillion on the increase in sales volume, improved sales mix, and price revisions mainly outside of Japan. 

Net income for the quarter was ¥2.59 trillion versus ¥1.17 trillion last year.

The company held ¥7.93 trillion in cash and equivalents as of September 30, 2023.

FY24 Outlook: The automaker raised its outlook for revenue at ¥43 trillion (from ¥38 trillion) and operating profit to ¥4.5 trillion (from ¥3.0 trillion). 

Also ReadToyota Pumps $8B More In North Carolina EV Battery Plant 

Price Action: TM shares are trading higher by 2.75% at $180 premarket on the last check Wednesday.

Photo Via Company

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesLarge CapNewsGuidanceMarketsMoversBriefsEurasiapremarket tradingwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!