Toyota Earnings Rebound in Q4, Outlook Up

Toyota (NYSE:TM) posted strong earnings growth during the final quarter of a fiscal year that saw it hammered by the effects of natural disaster.

Earnings for the fourth quarter increased fourfold to 121 billion yen ($1.5 billion), compared to 25.4 billion yen during the same period last year, when a major tsunami damaged much of Japan’s economy.

Quarterly sales jumped 23% to 5.7 trillion yen ($71.3 billion), compared to the prior year.

Last year, Toyota’s earnings dropped 30% to 283.6 billion yen ($3.5 billion). The results beat both analysts who expected $3.49 billion, and the company’s earlier forecast of $2.5 billion, MSNBC noted. The company posted annual sales of 18.58 trillion yen ($232 billion) down 2% from the prior year.

Toyota shares rose more than 3% in Wednesday afternoon trading.

Company President Akio Toyoda praised the efforts of employees in helping the automaker recover from one of its worst years.

The current fiscal year will bring better news, company officials predicted. Profits for this fiscal year are expected to hit $9.5 billion.

Analysts cited by MSNBC said that the company was moving quickly to retake lost U.S. market share, focusing on updates to its popular Camry and Prius car lines.

Last week, General Motors (NYSE:GM) and Ford (NYSE:F) reported lower sales for April, while Chrysler and Volkswagen posted double-digit gains during the month.

Article printed from InvestorPlace Media,

©2021 InvestorPlace Media, LLC