Toyota nearly doubles Q1 operating profit, shares rise

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The world’s top-selling automaker said operating profit for the three months through June totalled 1.12 trillion yen ($7.85 billion), an increase of 94% from a year earlier and handily beating the average 945.22 billion yen profit estimate in a poll of 10 analysts by Refinitiv.

Last year’s operating profit was 578.66 billion yen in the first quarter.

Toyota maintained its forecast for a 3.0 trillion yen profit for the current year, versus a 3.6 trillion yen average forecast from 23 analysts.

Toyota shares, which were up 1.15% just before the release of the earnings, extended their gains immediately after and were up 2.8% at 2,453 yen by 0434 GMT.

($1 = 142.7200 yen)