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Toyota (TM) Beats on Q2 Earnings, Lifts FY24 Profit Forecast
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Toyota (TM - Free Report) posted second-quarter fiscal 2024 earnings of $6.54 per share, handily surpassing the consensus mark of $3.34 and surging from the year-ago earnings of $2.30 a share. Consolidated revenues came in at $79,140 million, beating the consensus mark of $72,693 million and rising from $66,768 million in the year-ago quarter.
Toyota — currently sporting a Zacks Rank #1 (Strong Buy) — had cash and cash equivalents of ¥7.9 trillion ($52.89 billion) as of Sep 30, 2023. Long-term debt was ¥19.33 trillion ($129.41 billion), up from ¥17.1 trillion as of Mar 31, 2023.
The Automotive segment’s net revenues for the fiscal second quarter increased 24.5% year over year to ¥10.47 trillion ($72.51 billion), outperforming our projection of ¥8.03 trillion. Operating profit came in at ¥1.3 trillion ($9 billion), rocketing from ¥453.7 billion generated in the year-ago quarter and breezing past our estimate of ¥433.2 billion.
The Financial Services segment’s net revenues rose 20% from the prior-year quarter to ¥846.1 billion ($5.85 billion). The metric outpaced our forecast of ¥658.2 billion. The segment registered an operating income of ¥97.6 billion ($675 million), up from ¥84.4 billion from the second-quarter fiscal 2023 levels but missed our estimate of ¥105 billion.
All Other businesses’ net revenues totaled ¥319.2 billion ($2.21 billion) in the reported quarter, rising 17.7% from the comparable year-ago period and surpassing our projection of ¥285 billion. The unit generated an operating profit of ¥39.5 billion ($0.27 billion), marking an improvement from ¥20.3 billion generated in the year-ago period and topping our estimate of ¥24.7 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 ¥43 trillion, up from ¥38 trillion guided earlier and implying an increase from ¥37.15 trillion recorded in fiscal 2023. Operating income is now projected to be ¥4.5 trillion, up from the previous forecast of ¥3 trillion and indicating an increase of 10% year over year.
Pretax profit is estimated to be ¥5.5 trillion, up from the prior estimate of ¥3.69 trillion and also implying an uptick 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 ¥1.97 trillion, signaling an uptick from ¥1.6 trillion spent in fiscal 2023.
Quarterly Releases of Other Legacy Automakers
Tesla (TSLA - Free Report) reported third-quarter 2023 results on Oct 18. It reported earnings per share of 66 cents for the quarter under review, which declined from the year-ago figure of $1.05 and also missed the Zacks Consensus Estimate of 72 cents. Total revenues came in at $23,350 million, witnessing year-over-year growth of 9%. The top line, however, fell short of the consensus mark of $24,381 million.
Tesla had cash and cash equivalents of $26,077 million as of Sep 30, 2023, compared with $22,185 million on Dec 31, 2022. Net cash provided by operating activities amounted to $3,308 million in third-quarter 2023. Capital expenditure totaled $2,460 million in the quarter under review.
General Motors (GM - Free Report) reported third-quarter 2023 results on Oct 24. It posted adjusted earnings of $2.28 per share, which surpassed the Zacks Consensus Estimate of $1.84 on higher-than-expected profit from GMNA, GMI and Financial segments. The bottom line also increased from the year-ago quarter’s earnings of $2.25 per share. Revenues of $44,131 million beat the Zacks Consensus Estimate of $43,296 million and increased from $41,889 million recorded in the year-ago period.
General Motors had cash and cash equivalents of $25,224 million as of Sep 30, 2023 compared with $19,153 million as of Dec 31, 2022. The long-term automotive debt at the end of the quarter was $15,962 million compared with $15,885 million as of Dec 31, 2022.
Ford (F - Free Report) reported third-quarter 2023 results on Oct 26. It reported adjusted earnings of 39 cents per share for third-quarter 2023, which missed the Zacks Consensus Estimate of 40 cents but increased from 30 cents recorded in the year-ago quarter. The company’s consolidated third-quarter revenues came in at $43,801 million, rising 11.2% year over year.
Ford reported adjusted free cash flow of $1,225 million for the quarter. It had cash and cash equivalents of $26,427 million as of Sep 30, 2023. Long-term debt, excluding Ford Credit, totaled $19.33 billion at the end of the third quarter of 2023.
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Toyota (TM) Beats on Q2 Earnings, Lifts FY24 Profit Forecast
Toyota (TM - Free Report) posted second-quarter fiscal 2024 earnings of $6.54 per share, handily surpassing the consensus mark of $3.34 and surging from the year-ago earnings of $2.30 a share. Consolidated revenues came in at $79,140 million, beating the consensus mark of $72,693 million and rising from $66,768 million in the year-ago quarter.
Toyota — currently sporting a Zacks Rank #1 (Strong Buy) — had cash and cash equivalents of ¥7.9 trillion ($52.89 billion) as of Sep 30, 2023. Long-term debt was ¥19.33 trillion ($129.41 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 second quarter increased 24.5% year over year to ¥10.47 trillion ($72.51 billion), outperforming our projection of ¥8.03 trillion. Operating profit came in at ¥1.3 trillion ($9 billion), rocketing from ¥453.7 billion generated in the year-ago quarter and breezing past our estimate of ¥433.2 billion.
The Financial Services segment’s net revenues rose 20% from the prior-year quarter to ¥846.1 billion ($5.85 billion). The metric outpaced our forecast of ¥658.2 billion. The segment registered an operating income of ¥97.6 billion ($675 million), up from ¥84.4 billion from the second-quarter fiscal 2023 levels but missed our estimate of ¥105 billion.
All Other businesses’ net revenues totaled ¥319.2 billion ($2.21 billion) in the reported quarter, rising 17.7% from the comparable year-ago period and surpassing our projection of ¥285 billion. The unit generated an operating profit of ¥39.5 billion ($0.27 billion), marking an improvement from ¥20.3 billion generated in the year-ago period and topping our estimate of ¥24.7 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 ¥43 trillion, up from ¥38 trillion guided earlier and implying an increase from ¥37.15 trillion recorded in fiscal 2023. Operating income is now projected to be ¥4.5 trillion, up from the previous forecast of ¥3 trillion and indicating an increase of 10% year over year.
Pretax profit is estimated to be ¥5.5 trillion, up from the prior estimate of ¥3.69 trillion and also implying an uptick 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 ¥1.97 trillion, signaling an uptick from ¥1.6 trillion spent in fiscal 2023.
Quarterly Releases of Other Legacy Automakers
Tesla (TSLA - Free Report) reported third-quarter 2023 results on Oct 18. It reported earnings per share of 66 cents for the quarter under review, which declined from the year-ago figure of $1.05 and also missed the Zacks Consensus Estimate of 72 cents. Total revenues came in at $23,350 million, witnessing year-over-year growth of 9%. The top line, however, fell short of the consensus mark of $24,381 million.
Tesla had cash and cash equivalents of $26,077 million as of Sep 30, 2023, compared with $22,185 million on Dec 31, 2022. Net cash provided by operating activities amounted to $3,308 million in third-quarter 2023. Capital expenditure totaled $2,460 million in the quarter under review.
General Motors (GM - Free Report) reported third-quarter 2023 results on Oct 24. It posted adjusted earnings of $2.28 per share, which surpassed the Zacks Consensus Estimate of $1.84 on higher-than-expected profit from GMNA, GMI and Financial segments. The bottom line also increased from the year-ago quarter’s earnings of $2.25 per share. Revenues of $44,131 million beat the Zacks Consensus Estimate of $43,296 million and increased from $41,889 million recorded in the year-ago period.
General Motors had cash and cash equivalents of $25,224 million as of Sep 30, 2023 compared with $19,153 million as of Dec 31, 2022. The long-term automotive debt at the end of the quarter was $15,962 million compared with $15,885 million as of Dec 31, 2022.
Ford (F - Free Report) reported third-quarter 2023 results on Oct 26. It reported adjusted earnings of 39 cents per share for third-quarter 2023, which missed the Zacks Consensus Estimate of 40 cents but increased from 30 cents recorded in the year-ago quarter. The company’s consolidated third-quarter revenues came in at $43,801 million, rising 11.2% year over year.
Ford reported adjusted free cash flow of $1,225 million for the quarter. It had cash and cash equivalents of $26,427 million as of Sep 30, 2023. Long-term debt, excluding Ford Credit, totaled $19.33 billion at the end of the third quarter of 2023.