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Toyota (TM) Q3 Earnings & Sales Top Estimates, View Up
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Toyota Motor (TM - Free Report) posted fiscal second-quarter 2021 earnings of $3.15 per share, which handily surpassed the Zacks Consensus Estimate of $1.54 on the back of higher-than-expected revenues. However, the bottom line compared unfavorably with the year-ago earnings of $3.87 a share. Consolidated revenues came in at $63,835 million, beating the consensus mark of $62,213 million. Nonetheless, the top-line figure dropped 11.3% year over year amid coronavirus-led weaker year-over-year demand. Total costs and expenses declined 10.1% year over year to ¥6.3 trillion ($59 billion)
Toyota Motor Corporation Price, Consensus and EPS Surprise
The Automotive segment’s net revenues declined 9.7% year over year to ¥6.15 trillion ($57.89 billion) for third-quarter fiscal 2021. Operating profit for the quarter was ¥332.2 billion ($3.13 billion), down 32.2% year over year.
The Financial Services segment’s net revenues slid 1.9% from the prior-year quarter to ¥531.5 billion ($5 billion). The segment registered an operating income of ¥153 billion ($1.4 billion), up 30.5% from second-quarter fiscal 2020 levels.
All Other businesses’ net revenues slipped 48.5% from the year-ago period to ¥234 billion ($2.2 billion) for the reported quarter. Further, operating income plummeted 46.3% year over year to ¥15.3 billion ($144 million).
Financial Position
Toyota had cash and cash equivalents of ¥5.5 trillion ($52.2 billion) as of Sep 30, 2020. Long-term debt amounted to ¥12.1 trillion ($115 billion). At fiscal second quarter-end, operating cash flow was ¥616 billion, down 32.3% year over year.
Fiscal 2021 Guidance Updated
For fiscal 2021, Toyota — whose peers include Honda Motor (HMC - Free Report) , Volkswagen (VWAGY - Free Report) , and General Motors (GM - Free Report) — expects consolidated vehicle sales of 7.5 million units, up from the prior forecast of 7.2 million units. Sales are expected to total ¥24 billion, up 8.3% from the previous guidance. Operating income is now projected at ¥1,300 billion, reflecting a whopping 160% increase from the prior estimate of ¥500 billion. The Zacks Rank #3 (Hold) company intends to spend more than ¥1.1 trillion in R&D expenses, suggesting almost no change from the prior-year levels. Capex is envisioned at ¥1.4 trillion, indicating an increase from ¥1.37 trillion spent in fiscal 2020. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Toyota (TM) Q3 Earnings & Sales Top Estimates, View Up
Toyota Motor (TM - Free Report) posted fiscal second-quarter 2021 earnings of $3.15 per share, which handily surpassed the Zacks Consensus Estimate of $1.54 on the back of higher-than-expected revenues. However, the bottom line compared unfavorably with the year-ago earnings of $3.87 a share. Consolidated revenues came in at $63,835 million, beating the consensus mark of $62,213 million. Nonetheless, the top-line figure dropped 11.3% year over year amid coronavirus-led weaker year-over-year demand. Total costs and expenses declined 10.1% year over year to ¥6.3 trillion ($59 billion)
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 declined 9.7% year over year to ¥6.15 trillion ($57.89 billion) for third-quarter fiscal 2021. Operating profit for the quarter was ¥332.2 billion ($3.13 billion), down 32.2% year over year.
The Financial Services segment’s net revenues slid 1.9% from the prior-year quarter to ¥531.5 billion ($5 billion). The segment registered an operating income of ¥153 billion ($1.4 billion), up 30.5% from second-quarter fiscal 2020 levels.
All Other businesses’ net revenues slipped 48.5% from the year-ago period to ¥234 billion ($2.2 billion) for the reported quarter. Further, operating income plummeted 46.3% year over year to ¥15.3 billion ($144 million).
Financial Position
Toyota had cash and cash equivalents of ¥5.5 trillion ($52.2 billion) as of Sep 30, 2020. Long-term debt amounted to ¥12.1 trillion ($115 billion). At fiscal second quarter-end, operating cash flow was ¥616 billion, down 32.3% year over year.
Fiscal 2021 Guidance Updated
For fiscal 2021, Toyota — whose peers include Honda Motor (HMC - Free Report) , Volkswagen (VWAGY - Free Report) , and General Motors (GM - Free Report) — expects consolidated vehicle sales of 7.5 million units, up from the prior forecast of 7.2 million units. Sales are expected to total ¥24 billion, up 8.3% from the previous guidance. Operating income is now projected at ¥1,300 billion, reflecting a whopping 160% increase from the prior estimate of ¥500 billion. The Zacks Rank #3 (Hold) company intends to spend more than ¥1.1 trillion in R&D expenses, suggesting almost no change from the prior-year levels. Capex is envisioned at ¥1.4 trillion, indicating an increase from ¥1.37 trillion spent in fiscal 2020. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>