Toyota Q1 profit slides 42%, falls far short of estimates

TOKYO : Japan's Toyota Motor Corp on Thursday posted a worse-than-expected 42 per cent drop in first-quarter operating profit, as auto production was curbed by COVID-19 restrictions on factories in China and a global semiconductor shortage.

Operating profit for the three months ended June 30 slid to 578.66 billion yen , falling far short of the average 845.8 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 997.4 billion yen profit. Despite the quarterly drop, the automaker stuck to its forecast for annual operating earnings of 2.4 trillion yen in the 12 months through March 31, 2023.

The carmaker cut its monthly production targets three times during the April-June quarter, falling 10 per cent behind its initial goals, due to shortages of semiconductors and the impact of COVID-19 lockdowns in China. Toyota shares, which were down 0.5 per cent just before the release of the earnings, extended losses immediately after and were down 2.7 per cent at 2,097 yen by 0432 GMT.

Car Car Latest News, Car Car Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Toyota Q1 profit slides 42%, falls short of estimatesTOKYO : Japan's Toyota Motor Corp on Thursday posted a worse-than-expected 42 per cent drop in first-quarter operating profit, as auto production was curbed by COVID-19 restrictions on factories in China and a global semiconductor shortage. Operating profit for the three months ended June 30 fell to 578.6
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Toyota likely to post lower Q1 profit as production woes cast shadowTOKYO : Toyota Motor Corp is expected to report a double-digit drop in first-quarter profit this week, as a chip shortage and supply-chain woes forced the world's top automaker by sales to repeatedly slash production targets.The Japanese car maker cut its monthly production targets three times during the
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Toyota unit falsified emissions data from at least 2003, probe findsTOKYO - A major affiliate of Japan's Toyota Motor Corp falsified emissions data on some engines going back to at least 2003, more than a decade earlier than previously indicated, a company-commissioned probe showed on Tuesday (Aug 2). The investigative committee tasked by truck and bus maker Hino Motors Ltd blamed the scandal on an environment where engineers did not...
Source: asiaonecom - 🏆 10. / 59 Read more »