Toyota Motor Corp quarterly operating profits reached $9.15 billion as pandemic-hit sales recovered and it weathered a global chip supply shortage better than many rivals.
Operating profit for Toyota for the three months ended June 30 was higher than an average estimate of $6.9 billion based on 10 analysts polled by Refinitiv, and well above $127 million in the pandemic-hit first quarter a year earlier.
Profit for the latest quarter was also boosted by favorable foreign exchange movements.
However, Japan’s biggest automaker maintained its forecast made in May for an operating profit of $23 billion for the current fiscal year, citing an uncertain situation due to the spread of the coronavirus in emerging economies, the chip shortage and a higher cost for parts.
The forecast from the maker of the RAV4 SUV crossover and Prius hybrid vehicles trailed an average outlook for a $26 billion operating profit, according to 24 analysts polled by Refinitiv.
Toyota shares fell 2 percent in afternoon trading on Wednesday, extending losses from the morning session.
The company has been stockpiling semiconductors, used in everything from engine maintenance to car safety and entertainment systems, amid a global supply shortage that has hit production at rivals such as Hyundai Motor Co and Ford Motor Co.
Toyota has took advantage from a business continuity plan developed in the wake of the Fukushima earthquake in 2011 that required suppliers to stockpile anywhere from two to six months’ worth of chips depending on the time it takes from order to delivery, Reuters reported in March.