Toyota Ups Guidance After Profit Beats Expectations

Toyota Motor (NYSE: TM) reported operating profit of 654.4 billion yen ($5.95 billion) for the quarter that ended on Dec. 31, ahead of analysts' expectations, and it raised its profit guidance for the fiscal year that will end on March 31.

Toyota's operating profit fell 3.6% from a year ago, but it was solidly above the Wall Street consensus estimate of 643.8 billion yen as reported by Bloomberg. Revenue of 7.54 trillion yen also topped the analysts' 7.42 trillion-yen estimate.

Like many Japanese companies, Toyota's fiscal year begins on April 1. The quarter that ended on Dec. 31 was the third quarter of its 2020 fiscal year.

Source Fool.com