By Ronnie Harui and Kosaku Narioka
Toyota Motor reported a 76% surge in first-quarter net profit on tailwinds including increased sales of hybrid electric-vehicle sales, and raised its annual earnings forecasts.
The Japanese carmaker said Tuesday that net profit was 1.48 trillion yen, equivalent to $9.42 billion, for the three months ended June, up sharply from Y841.3 billion a year earlier. That far exceeded the Y978.49 billion estimate in a poll of analysts by data provider Quick.
Revenue increased 10% to Y13.53 trillion in the first quarter.
For the year ending March 2027, Toyota Motor forecast consolidated revenue of Y54.00 trillion and net profit of Y3.25 trillion. It previously projected revenue of Y51.00 trillion and net profit of Y3.00 trillion.
