Japan’s Toyota Motor Corp on Wednesday reported a bigger-than-expected 54% jump in third-quarter profit and jacked up its full-year earnings forecast, boosted by a rebound in demand for cars as the coronavirus pandemic’s impact recedes and sales climb in China in particular.
Toyota, the biggest automaker globally by vehicle sales, said operating profit rose to 987.9 billion yen ($9.45 billion) in the three months ended Dec. 31. This was better than an estimated average of 565.51 billion yen profit from nine analysts surveyed by Refinitiv SmartEstimate.
For the fiscal year ending March 31, Toyota said it now forecasts a record operating profit of 2 trillion yen, far higher than an earlier prediction of 1.3 trillion yen.
The earnings forecast is also well above an average 1.542 trillion yen profit forecast based on predictions from 23 analysts, Refinitiv data shows.