Plus   Neg

Toyota Q1 Profit Plunges; Backs FY21 Operating Income, Sales Outlook

Japanese automaker Toyota Motor Corp. (TYT.L,TM) reported Thursday that its first-quarter attributable net income dropped 74.3 percent to 158.84 billion yen from 619.13 billion yen last year.

Earnings per share plunged to 56.87 yen from 216.19 yen a year ago.

Operating income for the first quarter decreased 98.1 percent to 13.92 billion yen from 740.61 billion yen last year.

Net revenues were 4.60 trillion yen, down 40.4 percent from 7.72 trillion yen in the prior year.

Vehicle sales were 1.16 million units, lower than 2.32 million units last year.

Looking ahead, for the fiscal year ending March 31, 2021, the company now expects attributable net income of 730 billion yen or 261.15 yen per share, down 64.1 percent from last year. The outlook was undetermined earlier.

Further, the company continues to expect operating income of 500 billion yen and sales revenues of 24 trillion yen. The outlook represents a 79.2 percent decline in operating income and 19.6 percent decline in sales revenues from last year.

The company continues to expect consolidated vehicle sales for the fiscal year of 7.0 million units, although it expects an increase.

Separately, the company announced certain changes to operating officer and senior managements' areas of responsibility, effective September 1, 2020.

In Japan, Toyota shares traded at 6,800 yen, up 2.29 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amid the growing climate crisis, Walmart said it is raising its ambition to zero emissions by 2040, without the use of carbon offsets, across its global operations. The retail giant, along with the Walmart Foundation, also committed to help protect, manage or restore at least 50 million acres of land and one million square miles of ocean by 2030. The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020.
Follow RTT