Toyota (TM) Gains on a $2.3 Billion Share Buyback and Almost Doubled Q4 Profit
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Toyota's (NYSE: TM) stock is up 1.5% in pre-open Wednesday after the Japanese carmaker reported fourth-quarter results.
The company saw its Q4 operating profit double to 689.8 billion yen ($6.43 billion) to top the 641.5 billion yen expected from market analysts. This is nearly double the 369.9 billion yen reported a year ago.
Net profit came in at 327 billion yen as Q4 sales rose 11% year-over-year, the company said. Fur the full year to end-March, Toyota saw its profit jump by 10% to 2.25 trillion yen ($20.6 billion).
“Automotive markets saw figures fall substantially from FY2020 in many regions mainly due to the effects of the suspension of operations at factories and the suspension of business at dealers worldwide, with the exception of some regions such as China where the impact of the pandemic was limited,” the company said in a press release.
Looking forward, the company is forecasting 2.5 trillion yen profit for the full-year that started on April 01, to miss on the 2.65 trillion yen average profit forecast. Toyota is projecting a recovery in the United States market, and expects total sales to rise by 6.4% to 10.55 million vehicles for the year.
The company also announced plans to have 8 million of its cars electrified annually by 2030, or around 80% of its current total sales.
Responding to questions about the ongoing ship shortage, Toyota said that its inventory management practices have paid off as it has struggled less than all of its key competitors.
"We are now able to make assessments of alternative products in a speedy matter. That is one of the factors of us being able to mitigate the impact of semiconductor supply shortages," CFO Kenta Kon told a media briefing.
Toyota also announced a $2.3 billion share buyback program.
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