On February 6, Toyota announced that it expects consolidated net profit (International Accounting Standards) for fiscal 2023 (ending March 2024) to increase by 84% year-on-year to 4.5 trillion yen. This is an upward revision of 550 billion yen from the previous forecast. This is the first time that Toyota has raised its net profit forecast to 4 trillion yen. Higher prices, higher production volumes, and weaker yen due to improved automotive functions will contribute to the performance.
Sales increased by 17% to 43.5 trillion yen. Operating profit rose 80% to 4.9 trillion yen, surpassing the 4.7187 trillion yen of Quick Consensus, which reflects the average of analysts' forecasts.
Toyota's stock price rose after the earnings report at 1:25 p.m. (12:25 p.m. Beijing time) after it beat market expectations, becoming the first Japanese company with a total market capitalization of more than 50 trillion yen.
The production volume of the Toyota and Lexus brands was 10.1 million units, unchanged from the previous plan. It will set a new record for the previous fiscal year (9.13 million units). The expected exchange rate is 143 yen per dollar, adjusted to a depreciation of 2 yen. The effect of the depreciation of the yen was that operating profit was 235 billion yen higher than previously expected.
Toyota Prius
According to the financial report for April ~ December 2023 released on the same day, sales increased by 24% to 34.0227 trillion yen, and net profit increased by 2.1 times to 3.9472 trillion yen. Operating profit increased 2.0 times to 4.2402 trillion yen, surpassing the 4 trillion yen mark for the first time among Japanese companies.
Toyota's total market capitalization exceeded 50 trillion yen for the first time among Japanese companies. On the Tokyo stock market on February 6, Toyota's stock hit its highest point since its listing, rising 2% from the previous day to 3,065 yen. Even as violations by subsidiaries such as Toyota Industries and its wholly-owned subsidiary, Daihatsu Industries, were exposed, overseas investors' buying of large-cap stocks, a weaker yen, and a sense of expectation of high profitability pushed up the stock price.
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