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Toyota (TM) Q1 Earnings Beat, FY23 Revenues View Lifted
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Toyota (TM - Free Report) posted fiscal first-quarter fiscal 2023 earnings of $4.14 per share, which surpassed the Zacks Consensus Estimate of $3.77 on higher-than-expected revenues. The bottom line, however, declined from the year-ago earnings of $5.87 a share amid chip woes and supply chain disruptions aggravated by the Russia-Ukraine war. Consolidated revenues came in at $65,543 million, beating the consensus mark of $63,653 million but contracting 9.5% year over year.
Toyota — currently carrying a Zacks Rank #3 (Hold) — had cash and cash equivalents of ¥6.68 trillion ($49.24 billion) as of Jun 30, 2022. Long-term debt amounted to ¥16.88 trillion ($124.34 billion). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Toyota Motor Corporation Price, Consensus and EPS Surprise
The Automotive segment’s net revenues for the fiscal first quarter increased 6.6% year over year to ¥7.72 trillion ($59.59 billion). Operating profit came in at ¥449.2 billion ($3.46 billion), declining 42.4% year over year.
The Financial Services segment’s net revenues rose 12.6% from the prior-year quarter to ¥652.1 billion ($5.03 billion). The segment registered an operating income of ¥114.5 billion ($0.88 billion), down 41.5% from the first-quarter fiscal 2022 level.
All Other businesses’ net revenues totaled ¥262.3 billion ($2.02 billion) in the reported quarter, rising 8.7% from the comparable year-ago period. The unit generated an operating profit of ¥18.3 billion ($0.14 billion), down 15.2% year over year.
FY23 Guidance
For fiscal 2023, Toyota projects consolidated vehicle sales of 8.85 million, indicating an increase from 8.23 million units sold in fiscal 2022. Fiscal 2023 sales are expected to total ¥34.5 trillion, implying an increase from ¥31.4 trillion recorded in fiscal 2022 and higher than the prior view of ¥33 trillion. Operating income is projected at ¥2.4 trillion, indicating a decline of 19.8% year over year.
Pretax profit is estimated at ¥3.27 trillion, down from ¥4 trillion generated in fiscal 2022 but higher than the previous projection of ¥3.13 trillion. R&D expenses are envisioned at ¥1,150 billion, suggesting a nominal rise from ¥1,124 billion spent in fiscal 2022. Capex is forecast at ¥1.43 trillion, signaling an uptick from ¥1.34 trillion spent in fiscal 2022.
Quarterly Releases of Other Legacy Automakers
General Motors (GM - Free Report) reported second-quarter 2022 adjusted earnings of $1.14 per share, lagging the Zacks Consensus Estimate of $1.39. The bottom line also declined from the year-ago quarter’s earnings of $1.97 per share. Revenues of $35,759 million missed the Zacks Consensus Estimate of $36,249 million. The top line, however, increased from the year-ago figure of $34,167 million.
General Motors had cash and cash equivalents of $16,710 million as of Jun 30, 2022, compared with $20,067 million as of Dec 31, 2021. The long-term automotive debt at the end of the quarter was $16,121 million compared with $16,355 million as of Dec 31, 2021.For 2022, GM expects full-year net income to be in the range of $9.6-$11.2 billion.
Ford (F - Free Report) reported adjusted earnings of 68 cents per share in second-quarter 2022, topping the Zacks Consensus Estimate of 43 cents. The bottom line jumped significantly from the year-ago quarter’s earnings of 13 cents. The company’s consolidated second-quarter revenues came in at $40.2 billion, surging 50.2% year over year.Revenues from the Automotive segment surged 57.3% to $37.9 billion and outpaced the Zacks Consensus estimate of $33 billion.
Ford had cash and cash equivalents of $19.5 billion as of Jun 30, 2022, compared with $20.5 billion on Dec 31, 2021. The automotive long-term debt increased to $17,833 million from $17,200 million as of the end of 2021. Riding on its financial strength, Ford raised its dividend to 15 cents per share. The dividend will be paid out on Sep 1 to shareholders of record at the close of business on Aug 11.
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Toyota (TM) Q1 Earnings Beat, FY23 Revenues View Lifted
Toyota (TM - Free Report) posted fiscal first-quarter fiscal 2023 earnings of $4.14 per share, which surpassed the Zacks Consensus Estimate of $3.77 on higher-than-expected revenues. The bottom line, however, declined from the year-ago earnings of $5.87 a share amid chip woes and supply chain disruptions aggravated by the Russia-Ukraine war. Consolidated revenues came in at $65,543 million, beating the consensus mark of $63,653 million but contracting 9.5% year over year.
Toyota — currently carrying a Zacks Rank #3 (Hold) — had cash and cash equivalents of ¥6.68 trillion ($49.24 billion) as of Jun 30, 2022. Long-term debt amounted to ¥16.88 trillion ($124.34 billion). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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 increased 6.6% year over year to ¥7.72 trillion ($59.59 billion). Operating profit came in at ¥449.2 billion ($3.46 billion), declining 42.4% year over year.
The Financial Services segment’s net revenues rose 12.6% from the prior-year quarter to ¥652.1 billion ($5.03 billion). The segment registered an operating income of ¥114.5 billion ($0.88 billion), down 41.5% from the first-quarter fiscal 2022 level.
All Other businesses’ net revenues totaled ¥262.3 billion ($2.02 billion) in the reported quarter, rising 8.7% from the comparable year-ago period. The unit generated an operating profit of ¥18.3 billion ($0.14 billion), down 15.2% year over year.
FY23 Guidance
For fiscal 2023, Toyota projects consolidated vehicle sales of 8.85 million, indicating an increase from 8.23 million units sold in fiscal 2022. Fiscal 2023 sales are expected to total ¥34.5 trillion, implying an increase from ¥31.4 trillion recorded in fiscal 2022 and higher than the prior view of ¥33 trillion. Operating income is projected at ¥2.4 trillion, indicating a decline of 19.8% year over year.
Pretax profit is estimated at ¥3.27 trillion, down from ¥4 trillion generated in fiscal 2022 but higher than the previous projection of ¥3.13 trillion. R&D expenses are envisioned at ¥1,150 billion, suggesting a nominal rise from ¥1,124 billion spent in fiscal 2022. Capex is forecast at ¥1.43 trillion, signaling an uptick from ¥1.34 trillion spent in fiscal 2022.
Quarterly Releases of Other Legacy Automakers
General Motors (GM - Free Report) reported second-quarter 2022 adjusted earnings of $1.14 per share, lagging the Zacks Consensus Estimate of $1.39. The bottom line also declined from the year-ago quarter’s earnings of $1.97 per share. Revenues of $35,759 million missed the Zacks Consensus Estimate of $36,249 million. The top line, however, increased from the year-ago figure of $34,167 million.
General Motors had cash and cash equivalents of $16,710 million as of Jun 30, 2022, compared with $20,067 million as of Dec 31, 2021. The long-term automotive debt at the end of the quarter was $16,121 million compared with $16,355 million as of Dec 31, 2021.For 2022, GM expects full-year net income to be in the range of $9.6-$11.2 billion.
Ford (F - Free Report) reported adjusted earnings of 68 cents per share in second-quarter 2022, topping the Zacks Consensus Estimate of 43 cents. The bottom line jumped significantly from the year-ago quarter’s earnings of 13 cents. The company’s consolidated second-quarter revenues came in at $40.2 billion, surging 50.2% year over year.Revenues from the Automotive segment surged 57.3% to $37.9 billion and outpaced the Zacks Consensus estimate of $33 billion.
Ford had cash and cash equivalents of $19.5 billion as of Jun 30, 2022, compared with $20.5 billion on Dec 31, 2021. The automotive long-term debt increased to $17,833 million from $17,200 million as of the end of 2021. Riding on its financial strength, Ford raised its dividend to 15 cents per share. The dividend will be paid out on Sep 1 to shareholders of record at the close of business on Aug 11.