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Toyota (TM) Beats on Q3 Earnings & Sales, Raises FY21 Outlook

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Zacks Equity Research
·3 min read
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Toyota Motor TM posted fiscal third-quarter 2021 earnings of $5.67 per share, which handily surpassed the Zacks Consensus Estimate of $3.65 on higher-than-expected revenues. Moreover, the bottom line compares favorably with the year-ago earnings of $4.79 a share.

Consolidated revenues came in at $78,044.7 million, beating the consensus mark of $73,567.5 million. The top-line figure also climbed 7.11% year over year.

Toyota Motor Corporation Price, Consensus and EPS Surprise

Toyota Motor Corporation Price, Consensus and EPS Surprise
Toyota Motor Corporation Price, Consensus and EPS Surprise

Toyota Motor Corporation price-consensus-eps-surprise-chart | Toyota Motor Corporation Quote

Segmental Results

The Automotive segment’s net revenues for the fiscal third quarter increased 9.8% year over year to ¥7.5 trillion ($71.72 billion). Operating profit came in at ¥812.6 billion ($7.78 billion), up 42.3% year over year.

The Financial Services segment’s net revenues inched up 0.29% from the prior-year quarter to ¥554.5 billion ($5.3 billion). The segment registered an operating income of ¥152.3 billion ($1.46 billion), significantly up 111.8% from the third-quarter fiscal 2020 level.

All Other businesses’ net revenues plunged 33.6% from the year-ago period to ¥266.1 billion ($2.5 billion) in the reported quarter. Further, operating income dropped almost 8% year on year to ¥24.3 billion ($232.6 million).

Financial Position

Toyota had cash and cash equivalents of ¥4.5 trillion ($43.6 billion) as of Dec 31, 2020. Long-term debt amounted to ¥11.9 trillion ($115.3 billion). At the end of the fiscal third quarter, operating cash flow was ¥1,834 billion, down 8.5% year over year.

Fiscal 2021 Guidance Updated

For fiscal 2021, Toyota — peers of which include Honda Motor HMC, Volkswagen VWAGY, and General Motors GM — projects consolidated vehicle sales of 7.6 million units, up from the prior forecast of 7.5 million units. Sales are expected to total ¥26.5 trillion, up from the previous guidance of ¥26 trillion. Operating income is now projected at ¥2,000 billion, reflecting an increase from the prior estimate of ¥1,300 billion. The projections for R&D expenses and capex remain the same as last quarter. The Zacks Rank #3 (Hold) company intends to spend almost ¥1,100 billion in R&D expenses, suggesting a slight decrease from the prior-year level of ¥1,110 billion. Capex is envisioned at ¥1.35 trillion, indicating a fall from the ¥1.37 trillion spent in fiscal 2020.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Honda Motor Co., Ltd. (HMC) : Free Stock Analysis Report

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General Motors Company (GM) : Free Stock Analysis Report

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