Toyota reported first-quarter net profit of 1.48 trillion yen, a 76% surge from 841 billion yen a year earlier, driven by a weak yen and higher financial income even as vehicle sales dipped. Revenue rose 10% to 13.5 trillion yen, while operating income fell 8.8% to 1.06 trillion yen as higher expenses offset a 345 billion yen currency tailwind. The automaker raised its full-year revenue forecast to 54 trillion yen and net profit forecast to 3.25 trillion yen, though the profit outlook remains 15.5% below the prior fiscal year's 3.85 trillion yen. Toyota also announced a share buyback of up to 1 trillion yen, covering as much as 4.2% of outstanding shares. A 7.1 magnitude earthquake that struck Kumamoto in southwestern Japan on July 28 halted production at Toyota's facilities in the Kyushu region, according to ABC News.
Toyota Motor Corp.Net profit surged 76% and company raised full-year forecasts, announced 1 trillion yen buyback.