Toyota Reports Weaker Profit for September Quarter

Investing.com — Toyota Motor Corp (TYO:7203) (NYSE:TM) posted a weaker-than-expected profit for the September quarter on Wednesday, as automobile demand softened after a year of robust earnings. The automaker also trimmed its annual sales guidance.

Toyota's operating income for the three months ending September 30 fell 20% to 1.16 trillion yen ($7.81 billion), missing Bloomberg estimates of 1.25 trillion yen. This marks the company's first profit decline in two years, primarily driven by weaker sales in North America, its largest market. However, this dip follows record-high sales in 2023 when the automaker had shifted focus towards hybrid vehicles rather than fully electric models.

Despite the downturn, Toyota reported strong hybrid sales over the last six months, totaling 1.8 million units sold, even though this figure represents a 35% decrease from the same period last year.

Toyota has slightly adjusted its guidance for vehicle sales in the ongoing financial year, now forecasting 10.85 million units compared to a previous estimate of 10.95 million units. The company has maintained its annual sales revenue guidance at 46.00 trillion yen, with an anticipated net income of 3.57 trillion yen. Additionally, the automaker declared an interim dividend of 40 yen.