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Toyota (TM) to Report Q2 Earnings: What's in the Cards?
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Toyota Corporation (TM - Free Report) is slated to release second-quarter 2024 results on Nov 7. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share and revenues is pegged at $3.34 and $72.69 billion, respectively.
For the second quarter, the consensus estimate for TM’s earnings per share has moved down by 38 cents in the past 90 days. Its bottom-line estimates imply growth of 45.2% from the year-ago reported number.
The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year rise of 8.88%.
Over the trailing four quarters, TM surpassed the consensus estimate on three of the trailing four quarters and missed once, the average surprise being 16.57%. This is depicted in the graph below:
In first-quarter 2023, Toyota posted adjusted quarterly earnings of $7.05 per share, surpassing the Zacks Consensus Estimate of $3.92. This compares to an adjusted earnings of $4.14 per share reported a year ago. Toyota posted revenues of $76,847 million in the quarter, outpacing the Zacks Consensus Estimate of $69,983 million and rising from $65,543 million in the year-ago quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Toyota for second-quarter 2023, as it does not have the right combination of the two key ingredients. A positive Earnings ESP combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here.
Earnings ESP: TM has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate is in line with the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently sports a Zacks Rank #1.
Things to Note
Amid the soaring popularity of eco-friendly vehicles, Toyota is deepening its focus on manufacturing electric and fuel-cell vehicles. It expects the ratio of electrified vehicles sold to total sales in fiscal 2024 to be 37%, up from 29.6% in fiscal 2023. For fiscal 2024, Toyota projects vehicle sales of 9.6 million units, indicating an increase from 8.82 million units sold in fiscal 2023. A deepening focus on electric vehicles and an upbeat forecast are likely to have bolstered the second quarter’s result.
Discouragingly, the auto giant is struggling with high raw material prices. During the first quarter of 2024, rising raw material prices negatively impacted Toyota’s adjusted operating income by ¥230 billion. For fiscal 2024, Toyota projects a capex of ¥1.86 trillion, indicating an increase from ¥1.60 trillion spent in fiscal 2023. Commodity cost inflation and high capex requirements are likely to have weighed on the second quarter’s margins. Moreover, a tough labor market, logistical challenges and unfavorable foreign currency translations are also expected to have hurt the performance of Toyota in the quarter under review.
Earnings Whispers for Other Auto Stocks
Lucid Group (LCID - Free Report) is scheduled to post third-quarter earnings on Nov 7. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pinned at a loss of 27 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #2.
LCID missed earnings estimates in all of the trailing four quarters, the average negative surprise being 12.08%.
Rivian (RIVN - Free Report) is scheduled to post third-quarter earnings on Nov 7. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of $1.36 per share. The company has an Earnings ESP of -1.78% and a Zacks Rank #3.
RIVN surpassed earnings estimates in all of the trailing four quarters, the average surprise being 15.22%.
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Toyota (TM) to Report Q2 Earnings: What's in the Cards?
Toyota Corporation (TM - Free Report) is slated to release second-quarter 2024 results on Nov 7. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share and revenues is pegged at $3.34 and $72.69 billion, respectively.
For the second quarter, the consensus estimate for TM’s earnings per share has moved down by 38 cents in the past 90 days. Its bottom-line estimates imply growth of 45.2% from the year-ago reported number.
The Zacks Consensus Estimate for its quarterly revenues suggests a year-over-year rise of 8.88%.
Over the trailing four quarters, TM surpassed the consensus estimate on three of the trailing four quarters and missed once, the average surprise being 16.57%. This is depicted in the graph below:
Toyota Motor Corporation Price and EPS Surprise
Toyota Motor Corporation price-eps-surprise | Toyota Motor Corporation Quote
Q1 Highlights
In first-quarter 2023, Toyota posted adjusted quarterly earnings of $7.05 per share, surpassing the Zacks Consensus Estimate of $3.92. This compares to an adjusted earnings of $4.14 per share reported a year ago. Toyota posted revenues of $76,847 million in the quarter, outpacing the Zacks Consensus Estimate of $69,983 million and rising from $65,543 million in the year-ago quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Toyota for second-quarter 2023, as it does not have the right combination of the two key ingredients. A positive Earnings ESP combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here.
Earnings ESP: TM has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate is in line with the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently sports a Zacks Rank #1.
Things to Note
Amid the soaring popularity of eco-friendly vehicles, Toyota is deepening its focus on manufacturing electric and fuel-cell vehicles. It expects the ratio of electrified vehicles sold to total sales in fiscal 2024 to be 37%, up from 29.6% in fiscal 2023. For fiscal 2024, Toyota projects vehicle sales of 9.6 million units, indicating an increase from 8.82 million units sold in fiscal 2023. A deepening focus on electric vehicles and an upbeat forecast are likely to have bolstered the second quarter’s result.
Discouragingly, the auto giant is struggling with high raw material prices. During the first quarter of 2024, rising raw material prices negatively impacted Toyota’s adjusted operating income by ¥230 billion. For fiscal 2024, Toyota projects a capex of ¥1.86 trillion, indicating an increase from ¥1.60 trillion spent in fiscal 2023. Commodity cost inflation and high capex requirements are likely to have weighed on the second quarter’s margins. Moreover, a tough labor market, logistical challenges and unfavorable foreign currency translations are also expected to have hurt the performance of Toyota in the quarter under review.
Earnings Whispers for Other Auto Stocks
Lucid Group (LCID - Free Report) is scheduled to post third-quarter earnings on Nov 7. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pinned at a loss of 27 cents per share. The company has an Earnings ESP of 0.00% and a Zacks Rank #2.
You can see the complete list of today’s Zacks #1 Rank stocks here.
LCID missed earnings estimates in all of the trailing four quarters, the average negative surprise being 12.08%.
Rivian (RIVN - Free Report) is scheduled to post third-quarter earnings on Nov 7. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share is pegged at a loss of $1.36 per share. The company has an Earnings ESP of -1.78% and a Zacks Rank #3.
RIVN surpassed earnings estimates in all of the trailing four quarters, the average surprise being 15.22%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.