The Strategist

Toyota Motor doubles quarterly profit

05/13/2021 - 03:37

Toyota Motor's net profit rose to $7.15 billion for the fourth quarter of its fiscal year ended March 31.

This figure is more than double that of the same period last year. Revenue for the period rose 11% to $70.7 billion.

The results for the full fiscal year surpassed both analysts' and the company's forecasts. In May 2020, Toyota Motor predicted that it would sell 8 million cars in 12 months and make $4.6 billion in operating profit. 

In fact, sales were more than 9 million vehicles and operating profit exceeded $20 billion, though that was 8.4% lower than in the same period a year earlier. Year-to-date sales were down 8.9% at $250 billion, with net income up 10.3% to $20.6 billion.

For fiscal 2022, the Japanese manufacturer forecasts that it will sell 9.6 million vehicles. In addition, Toyota Motor expects revenue to grow 10% to $276 billion, net income to grow 2.4% to $21 billion, and operating profit to reach $23 billion.