By Kosaku Narioka
Toyota Motor Corp. said Wednesday that its fourth-quarter net profit fell 31% compared with the same period a year earlier and projected a drop in earnings for new fiscal year due to higher costs.
The Japanese automaker said that net profit for the quarter ended March 31 fell to 533.8 billion yen ($4.09 billion). That beat the estimate for Y469.68 billion from a Factset poll of analysts.
Fourth-quarter revenue increased 5.5% from a year earlier to Y8.112 trillion.
Like many other auto makers, Toyota is grappling with a shortage of chips and higher costs of materials caused by supply-chain disruptions.
Fourth-quarter operating profit fell for Japan, North America and Europe, though it increased in Asia excluding Japan.
Toyota said it expected group vehicle sales, including those of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., to increase to 10.7 million units this fiscal year from 10.4 million units the previous fiscal year.
It expects revenue this year to increase 5.2% to Y33.000 trillion and net profit to drop 21% to Y2.260 trillion, citing higher costs of materials and logistics.
Write to Kosaku Narioka at email@example.com
(END) Dow Jones Newswires
May 11, 2022 01:14 ET (05:14 GMT)
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