Toyota profit more than doubled for the quarter due in large part to demand for the Prius and other hybrids, as well as favorable currency factors.
The Japanese auto giant is primed to benefit from a slowdown in EV demand in the U.S.A 2022 Toyota Mirai hydrogen fuel cell vehicle, right, next to Toyota Prius hybrid vehicles during AutoMobility LA ahead of the Los Angeles Auto Show in Los Angeles, California, U.S., on Wednesday, Nov. 17, 2021.The auto giant also raised its guidance for the fiscal year that will end on March 31 and increased its dividend and share-repurchase program. Its U.S.-traded shares rose more than 3% in early trading.
Toyota said its operating profit in the quarter that ended on Sep. 30, the second quarter of its 2024 fiscal year, increased more than 155% from a year ago to 1.44 trillion yen . Strong pricing on Toyota's hybrid models, including itsToyota's revenue of 11.44 trillion yen was 24% higher than a year ago, as it sold more vehicles in all regions than it did in the year-ago period. Total vehicle sales were up almost 13% from a year ago, to 2.4 million.
Part of Toyota's year-over-year profit increase was driven by exchange rates, specifically the weakening of the yen against the U.S. dollar and euro. On average, during the quarter, $1 was worth 145 yen, up from 138 yen in the same quarter of 2022. The move was even more dramatic in euro terms, from an average of 139 yen per euro a year ago to 157 yen per euro in the period.
Toyota also boosted its profit forecast for the fiscal year that will end on March 31. It now expects profit of 4.5 trillion yen , up from 3 trillion yen in its earlier guidance. It said it expects the weaker yen to account for the majority – about 1.2 trillion yen – of that increase. The company also announced a 100 billion yen share buyback and increased its dividend by 5 yen from a year ago, to 30 yen per share.
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