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Toyota (TM) Q1 Earnings & Sales Trump Estimates, Up Y/Y

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Toyota Motor (TM - Free Report) posted fiscal first-quarter 2022 earnings of $5.87 per share, which surpassed the Zacks Consensus Estimate of $4.68 on higher-than-expected revenues. Moreover, the bottom line compares favorably with the year-ago earnings of $1.06 a share.

Consolidated revenues came in at $72,499 million, beating the consensus mark of $68,910 million. The top-line figure also climbed 69.5% year over year.

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 first quarter jumped 82.1% year over year to ¥7.2 trillion ($66.15 billion). Operating profit came in at ¥780 billion ($7.13 billion), skyrocketing 1,001.7% year over year.

The Financial Services segment’s net revenues increased 8.2% from the prior-year quarter to ¥578.8 billion ($5.3 billion). The segment registered an operating income of ¥196 billion ($1.79 billion), significantly up 112.6% from the first-quarter fiscal 2021 level.

All Other businesses’ net revenues rose 17.1% from the year-ago period to ¥241.2 billion ($2.2 billion) in the reported quarter. Further, operating income soared 132.3% year on year to ¥21.6 billion ($197.3 million).

Financial Position

Toyota had cash and cash equivalents of ¥5 trillion ($45.1 billion) as of Jun 30, 2021. Long-term debt amounted to ¥13.9 trillion ($125.5 billion). At the end of the fiscal first quarter, operating cash flow was ¥926.5 billion, up a whopping 520.1% year over year.

Fiscal 2022 Guidance Unchanged

For fiscal 2022, Toyota — peers of which include Honda Motor (HMC - Free Report) , Volkswagen (VWAGY - Free Report) , and General Motors (GM - Free Report) — has kept its earlier forecasts intact. The company projects fiscal 2022 consolidated vehicle sales of 10.5 million units, indicating an increase from the 9.9 million units sold in fiscal 2021. Sales are expected to total ¥30 trillion, calling a year-over-year increase of 10.2%. Operating income is projected at ¥2.5 trillion, indicating growth of 13.8% year over year. This Zacks Rank #1 (Strong Buy) company’s R&D expenses are likely to be ¥1,160 billion, suggesting a rise from ¥1,090 billion spent in fiscal 2021. Capex is envisioned at ¥1.35 trillion, indicating an increase from the ¥1.29 trillion spent in fiscal 2021.

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