Toyota reported first-quarter net profit of 1.48 trillion yen ($9.4 billion) for the three months ended June 30, up 76% from 841 billion yen in the same period a year earlier, as a weak yen and gains in financial income lifted results even as vehicle sales dipped.
First-quarter revenue came in at 13.5 trillion yen ($85 billion), reflecting a 10% increase from the same period the prior year, the company said
Toyota stock closed about 1.5% lower in Tokyo after the results were released. The weak yen was a central driver of the quarter’s earnings. The U.S. dollar traded at roughly 160 yen during the April-June period, compared with about 145 yen during the same quarter a year earlier.
That currency shift added 345 billion yen ($2.2 billion) to Toyota’s quarterly operating income, the company said. Operating income for the quarter came in at 1.06 trillion yen, down 8.8% from the prior year, as higher expenses offset the currency tailwind. Toyota raised its full-year revenue forecast to 54 trillion yen ($342 billion), up from a prior projection of 51 trillion yen and up 6.5% from last fiscal year’s 50.7 trillion yen.