Toyota raises its outlook as strong hybrid demand juices profits
Publishing timestamp: 2023-11-01 16:01:02
Summary
Toyota's profit more than doubled in the second quarter of its fiscal year, driven by strong demand for hybrids and favorable exchange-rate moves. The company raised its outlook for the full fiscal year and increased its dividend and share-repurchase program. Toyota is benefiting from higher demand for its hybrids as car shoppers in the US are edging away from electric vehicles. Sales of Toyota's conventional hybrids rose 41% from the previous year, while sales of plug-in hybrids were up nearly 90%. Toyota's operating profit increased over 155% from the previous year, and its revenue was 24% higher. The company also boosted its profit forecast for the fiscal year and announced a share buyback and increased dividend.
Sentiment: POSITIVE
Keywords: earnings, business, toyota motor corp, business news, autos, transportation, breaking news: business,
Source: https://www.cnbc.com/2023/11/01/toyota-tm-q3-2023-earnings-guidance.html