Toyota first-quarter profit jumps 17% on weak yen, matches expectations

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Toyota first-quarter profit jumps 17% on weak yen, matches expectations

A Toyota logo is seen at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. 

David Dee Delgado | Reuters

Toyota Motor said on Thursday it posted a 17% rise in first-quarter operating profit, as the ********* automaker got a boost from cost reduction efforts and a weak yen that helped offset lower sales and production volume at home.

The world’s top-selling automaker said operating profit for the three months through June totaled 1.3 trillion yen ($8.70 billion), matching the average of six analyst estimates compiled by LSEG.

“Despite the inability to maintain stable production in Japan due to factors such as certification issues and recalls, we achieved an increase in profit thanks to the support of all our stakeholders,” Toyota said in a statement.

The automaker’s challenges include a tough market in China and fallout from a certification scandal, which has also involved Toyota and Lexus-branded cars and hurt sales in Japan.

Its consolidated vehicle sales declined 3% in the quarter, presentation materials showed, with the share of petrol-electric hybrids in sales reaching about two fifths.

Toyota maintained its forecast of 4.3 trillion yen profit for the full year, versus a 5.3 trillion yen average of 18 analyst estimates.

The automaker is grappling with a series of scandals at group firms over botched product certification test procedures that are undermining its reputation for safety and quality.

The transport ministry 

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 Toyota on Wednesday to take drastic steps to prevent a recurrence of misconduct after discovering new wrongdoing in certification procedures.

Toyota’s share price, which was down 5.5% just before the earnings release, fell further immediately afterward and was down 8.4% at 2,702 yen by 0446 GMT.

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