Toyota Motor Posts Strong Q1 Profits On Higher Sales Volumes

Toyota Motor Corp TM reported Q1 FY24 sales revenue of ¥10.5 trillion ($76.98 billion), higher than ¥8.5 trillion ($65.56 billion) a year ago.

In the quarter, vehicle sales volumes rose to 2.3 million units (vs. 2.0 million units a year ago) on growth across all regions.

Toyota and Lexus vehicle sales rose 8.4% Y/Y to 2.5 million, and EV sales increased 29.9% Y/Y to 868,000.

Related: Toyota Motor Posts 9% Sales Growth In June On Recovery In Semiconductor Shortages

The operating income for the quarter increased to ¥1.12 trillion (from ¥578.6 billion in the prior-year quarter), beating the consensus of ¥945.22 billion, as per Reuters.

Marketing initiatives and favorable foreign exchange rates positively impacted operating income, with profits growing across regions, except Asia (on weakness in China). 

Net income for the quarter was ¥1.31 trillion versus ¥736.8 billion last year.

The company held ¥7.9 trillion in cash and equivalents as of June 30, 2023.

FY24 Outlook: The automaker reiterated its outlook for revenue at ¥38 trillion (+2.3% Y/Y) and operating profit at ¥3.0 trillion (+10.1% Y/Y, vs. analysts' consensus of ¥3.6 trillion).  

Toyota sees a sales volume of 9.6 million and projects total retail unit sales of 11.4 million in FY24. 

Also Read: Toyota Ramps Up Local EV Tech Development In China

Price Action: TM shares are trading higher by 1.94% at $171.50 premarket on the last check Tuesday.