We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Toyota (TM) Q1 Earnings & Sales Beat, FY24 Outlook Strong
Read MoreHide Full Article
Toyota (TM - Free Report) posted first-quarter fiscal 2024 earnings of $7.05 per share, which surpassed the consensus mark of $3.92 and increased from the year-ago earnings of $4.14 a share. Consolidated revenues came in at $76,847 million, beating the consensus mark of $69,983 million and rising from $65,543 million in the year-ago quarter. High sales volume across all regions due to productivity improvement efforts and supply chain improvements led to the outperformance.
Toyota — currently sporting a Zacks Rank #1 (Strong Buy) — had cash and cash equivalents of ¥7.9 trillion ($54.7 billion) as of Jun 30, 2023. Long-term debt was ¥18.24 trillion ($126.21 billion), up from ¥17.1 trillion as of Mar 31, 2023.
The Automotive segment’s net revenues for the fiscal first quarter increased 25.5% year over year to ¥9.69 trillion ($70.62 billion), handily outperforming our projection of ¥7.96 trillion. Operating profit came in at ¥945.6 billion ($6.89 billion), rocketing from ¥449.2 billion generated in the year-ago quarter and breezing past our estimate of ¥510.5 billion.
The Financial Services segment’s net revenues rose 18.8% from the prior-year quarter to ¥775.1 billion ($5.65 billion). The metric outpaced our forecast of ¥662 billion. The segment registered an operating income of ¥147.2 billion ($1.07 billion), down 28.5% from the first-quarter fiscal 2023 level. However, it beat our estimate of ¥103.2 billion.
All Other businesses’ net revenues totaled ¥306.4 billion ($2.23 billion) in the reported quarter, rising 16.8% from the comparable year-ago period and surpassing our projection by ¥19 billion. The unit generated an operating profit of ¥40.2 billion ($0.29 billion), marking an improvement from ¥18.3 billion generated in the year-ago period and topping our estimate of ¥23.4 billion.
FY24 Guidance
For fiscal 2024, Toyota projects vehicle sales of 9.6 million units, indicating an increase from 8.82 million units sold in fiscal 2023. Fiscal 2024 sales are expected to total ¥38 trillion, implying an increase from ¥37.15 trillion recorded in fiscal 2023. Operating income is projected to be ¥3 trillion, indicating an increase of 10% year over year.
Pretax profit is estimated to be ¥3.69 trillion, slightly up from ¥3.67 trillion generated in fiscal 2023. R&D expenses are envisioned to be ¥1,240 billion, flat compared to fiscal 2023 levels. Capex is forecast at ¥1.86 trillion, signaling an uptick from ¥1.6 trillion spent in fiscal 2023.
Quarterly Releases of Other Legacy Automakers
General Motors (GM - Free Report) reported second-quarter 2023 results on Jul 25. It posted adjusted earnings of $1.91 per share, which surpassed the Zacks Consensus Estimate of $1.73. The outperformance can be primarily attributed to better-than-expected results from the North America market. The bottom line also rose from the year-ago quarter’s earnings of $1.14 per share. Revenues of $44,746 million beat the Zacks Consensus Estimate of $42,478 million and increased from $35,759 million recorded in the year-ago period.
General Motors had cash and cash equivalents of $23,074 million as of Jun 30, 2023, compared with $19,153 million as of Dec 31, 2022. The long-term automotive debt at the end of the quarter was $15,976 million compared with $15,885 million as of Dec 31, 2022.
Ford (F - Free Report) reported second-quarter 2023 results on Jul 27. It posted adjusted earnings of 72 cents per share for second-quarter 2023, which beat the Zacks Consensus Estimate of 51 cents and increased from 68 cents recorded in the year-ago quarter. Higher-than-expected automotive revenues resulted in the outperformance. The company’s consolidated second-quarter revenues came in at $44,954 million, rising 11.8% year over year.
Ford reported an adjusted free cash flow of $2,919 million during the quarter. It had cash and cash equivalents of $26,406 million as of Jun 30, 2023. Long-term debt, excluding Ford Credit, totaled $19.17 billion at the end of the second quarter of 2023.
Honda (HMC - Free Report) reported first-quarter fiscal 2024 results on Aug 9. It reported earnings of $1.60 per share, surpassing the Zacks Consensus Estimate of 99 cents. The bottom line also jumped from the year-ago profit of 67 cents per share. Quarterly revenues totaled $33,698 million, beating the Zacks Consensus Estimate of $33,569 million. The top line also increased from $29,560 million recorded in the year-ago period.
HMC’s consolidated cash and cash equivalents were ¥4.08 trillion ($28.25 billion) as of Jun 30, 2023. Long-term debt was ¥4.89 trillion ($33.85 billion) as of Jun 30, up from ¥4.37 trillion as of Mar 31, 2023.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Toyota (TM) Q1 Earnings & Sales Beat, FY24 Outlook Strong
Toyota (TM - Free Report) posted first-quarter fiscal 2024 earnings of $7.05 per share, which surpassed the consensus mark of $3.92 and increased from the year-ago earnings of $4.14 a share. Consolidated revenues came in at $76,847 million, beating the consensus mark of $69,983 million and rising from $65,543 million in the year-ago quarter. High sales volume across all regions due to productivity improvement efforts and supply chain improvements led to the outperformance.
Toyota — currently sporting a Zacks Rank #1 (Strong Buy) — had cash and cash equivalents of ¥7.9 trillion ($54.7 billion) as of Jun 30, 2023. Long-term debt was ¥18.24 trillion ($126.21 billion), up from ¥17.1 trillion as of Mar 31, 2023.
You can see the complete list of today’s Zacks #1 Rank 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 25.5% year over year to ¥9.69 trillion ($70.62 billion), handily outperforming our projection of ¥7.96 trillion. Operating profit came in at ¥945.6 billion ($6.89 billion), rocketing from ¥449.2 billion generated in the year-ago quarter and breezing past our estimate of ¥510.5 billion.
The Financial Services segment’s net revenues rose 18.8% from the prior-year quarter to ¥775.1 billion ($5.65 billion). The metric outpaced our forecast of ¥662 billion. The segment registered an operating income of ¥147.2 billion ($1.07 billion), down 28.5% from the first-quarter fiscal 2023 level. However, it beat our estimate of ¥103.2 billion.
All Other businesses’ net revenues totaled ¥306.4 billion ($2.23 billion) in the reported quarter, rising 16.8% from the comparable year-ago period and surpassing our projection by ¥19 billion. The unit generated an operating profit of ¥40.2 billion ($0.29 billion), marking an improvement from ¥18.3 billion generated in the year-ago period and topping our estimate of ¥23.4 billion.
FY24 Guidance
For fiscal 2024, Toyota projects vehicle sales of 9.6 million units, indicating an increase from 8.82 million units sold in fiscal 2023. Fiscal 2024 sales are expected to total ¥38 trillion, implying an increase from ¥37.15 trillion recorded in fiscal 2023. Operating income is projected to be ¥3 trillion, indicating an increase of 10% year over year.
Pretax profit is estimated to be ¥3.69 trillion, slightly up from ¥3.67 trillion generated in fiscal 2023. R&D expenses are envisioned to be ¥1,240 billion, flat compared to fiscal 2023 levels. Capex is forecast at ¥1.86 trillion, signaling an uptick from ¥1.6 trillion spent in fiscal 2023.
Quarterly Releases of Other Legacy Automakers
General Motors (GM - Free Report) reported second-quarter 2023 results on Jul 25. It posted adjusted earnings of $1.91 per share, which surpassed the Zacks Consensus Estimate of $1.73. The outperformance can be primarily attributed to better-than-expected results from the North America market. The bottom line also rose from the year-ago quarter’s earnings of $1.14 per share. Revenues of $44,746 million beat the Zacks Consensus Estimate of $42,478 million and increased from $35,759 million recorded in the year-ago period.
General Motors had cash and cash equivalents of $23,074 million as of Jun 30, 2023, compared with $19,153 million as of Dec 31, 2022. The long-term automotive debt at the end of the quarter was $15,976 million compared with $15,885 million as of Dec 31, 2022.
Ford (F - Free Report) reported second-quarter 2023 results on Jul 27. It posted adjusted earnings of 72 cents per share for second-quarter 2023, which beat the Zacks Consensus Estimate of 51 cents and increased from 68 cents recorded in the year-ago quarter. Higher-than-expected automotive revenues resulted in the outperformance. The company’s consolidated second-quarter revenues came in at $44,954 million, rising 11.8% year over year.
Ford reported an adjusted free cash flow of $2,919 million during the quarter. It had cash and cash equivalents of $26,406 million as of Jun 30, 2023. Long-term debt, excluding Ford Credit, totaled $19.17 billion at the end of the second quarter of 2023.
Honda (HMC - Free Report) reported first-quarter fiscal 2024 results on Aug 9. It reported earnings of $1.60 per share, surpassing the Zacks Consensus Estimate of 99 cents. The bottom line also jumped from the year-ago profit of 67 cents per share. Quarterly revenues totaled $33,698 million, beating the Zacks Consensus Estimate of $33,569 million. The top line also increased from $29,560 million recorded in the year-ago period.
HMC’s consolidated cash and cash equivalents were ¥4.08 trillion ($28.25 billion) as of Jun 30, 2023. Long-term debt was ¥4.89 trillion ($33.85 billion) as of Jun 30, up from ¥4.37 trillion as of Mar 31, 2023.