Toyota Motor’s fourth-quarter net profit drops 31%
Toyota is grappling with a shortage of chips and higher costs of materials caused by supply-chain disruptions
Toyota Motor Corp. said Wednesday that its fourth-quarter net profit fell 31% compared with the same period a year earlier and projected a drop in earnings for new fiscal year due to higher costs.
The Japanese auto maker said that net profit for the quarter ended March 31 fell to 533.8 billion yen ($4.09 billion). That beat the estimate for Y469.68 billion from a FactSet poll of analysts.
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Fourth-quarter revenue increased 5.5% from a year earlier to Y8.112 trillion.
The company logo adorns a sign outside a Toyota dealership in Lakewood, Colo. (AP Photo/David Zalubowski, File) (AP Photo/David Zalubowski, File / AP Images)
Like many other auto makers, Toyota is grappling with a shortage of chips and higher costs of materials caused by supply-chain disruptions.
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Fourth-quarter operating profit fell for Japan, North America and Europe, though it increased in Asia excluding Japan.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 169.67 | -2.89 | -1.68% |
Toyota said it expected group vehicle sales, including those of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd. , to increase to 10.7 million units this fiscal year from 10.4 million units the previous fiscal year.
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It expects revenue this year to increase 5.2% to Y33.000 trillion and net profit to drop 21% to Y2.260 trillion, citing higher costs of materials and logistics.
Write to Kosaku Narioka at kosaku.narioka@wsj.com