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Toyota (TM) Beats on Q3 Earnings & Sales, Raises FY21 Outlook
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Toyota Motor (TM - Free Report) 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
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 - Free Report) , Volkswagen (VWAGY - Free Report) , and General Motors (GM - Free Report) — 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.
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Toyota (TM) Beats on Q3 Earnings & Sales, Raises FY21 Outlook
Toyota Motor (TM - Free Report) 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-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 - Free Report) , Volkswagen (VWAGY - Free Report) , and General Motors (GM - Free Report) — 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.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>