Toyota Motor Posts Strong Q1 Profits On Higher Sales Volumes
Portfolio Pulse from Lekha Gupta
Toyota Motor Corp (NYSE:TM) reported Q1 FY24 sales revenue of $76.98 billion, up from $65.56 billion a year ago. Vehicle sales volumes rose to 2.3 million units, with Toyota and Lexus vehicle sales up 8.4% Y/Y and EV sales up 29.9% Y/Y. Operating income for the quarter increased to ¥1.12 trillion, beating the consensus of ¥945.22 billion. The company reiterated its FY24 outlook for revenue at ¥38 trillion and operating profit at ¥3.0 trillion.
August 01, 2023 | 11:00 am
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Toyota reported strong Q1 FY24 results with higher sales and operating income beating consensus. The company also reiterated its FY24 outlook.
Toyota's strong Q1 FY24 results, which beat consensus, and the reiteration of its FY24 outlook are likely to instill confidence in investors and could positively impact the company's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100