Yahoo Finance Toyota (TM) Q4 Earnings & Sales Beat Mark, FY24 View Upbeat
Toyota TM posted fourth-quarter fiscal 2023 earnings of $3.07 per share, which surpassed the consensus mark of $2.83. The bottom line, however, declined from the year-ago earnings of $3.34 a share. Consolidated revenues came in at $73,278 million, beating the consensus mark of $68,765 million and rising from $69,824 million in the year-ago reported figure.
Toyota — currently carrying a Zacks Rank #3 (Hold) — had cash and cash equivalents of ¥7.5 trillion ($56.6 billion) as of Mar 31, 2023. Long-term debt was around ¥17.1 trillion ($128.6 billion). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) 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 fourth quarter increased 19% year over year to ¥8.82 trillion ($66.67 billion). Operating profit came in at ¥458.8 billion ($3.46 billion), surging 38.5% year over year.
The Financial Services segment’s net revenues rose 20.7% from the prior-year quarter to ¥711.5 billion ($5.37 billion). The segment registered an operating income of ¥113.5 billion ($0.86 billion), up 11.5% from the fourth-quarter fiscal 2022 level.
All Other businesses’ net revenues totaled ¥379.2 billion ($2.86 billion) in the reported quarter, rising 3.2% from the comparable year-ago period. The unit generated an operating profit of ¥46.2 billion ($0.35 billion), marking an improvement from a loss of ¥21.9 billion incurred in the year-ago period.
FY24 Guidance
For fiscal 2024, Toyota projects consolidated vehicle sales of 9.6 million, indicating an increase from 8.82 million units sold in fiscal 2023. Fiscal 2024 sales are expected to total ¥38 trillion, implying an increase of 2.3% from fiscal 2023 levels. Operating income is projected to be ¥3 trillion, indicating growth of 10.1% year over year.
Pretax profit is estimated to be ¥3.69 trillion, implying an uptick of 0.6% year over year. R&D expenses are envisioned to be ¥1,240 billion and capex is forecast to be ¥1.86 trillion.
Quarterly Releases of Other Legacy Automakers
General Motors GM reported first-quarter 2023 adjusted earnings of $2.21 per share, surpassing the Zacks Consensus Estimate of $1.64. Higher-than-expected operating profits from GMNA, GMI and Financial segments led to the outperformance. The bottom line also rose from the year-ago quarter’s earnings of $2.09 per share.
Revenues of $39,985 million beat the Zacks Consensus Estimate of $38,677.9 million and increased from $35,979 million recorded in the year-ago period. However, the company recorded an adjusted EBIT of $3,803 million, lower than $4,044 million in the prior-year quarter. The automaker’s share in the GM market was 8.6% in the reported quarter, down from the year-ago quarter’s 9%.
Ford F reported adjusted earnings of 63 cents per share for first-quarter 2023, beating the Zacks Consensus Estimate of 40 cents and increasing from 38 cents recorded in the year-ago quarter. Higher-than-expected automotive revenues resulted in the outperformance. The company’s consolidated first-quarter revenues came in at $41,474 million, rising 20.3% year over year.
Adjusted EBIT for 2023 is estimated to be in the range of $9 billion-$11 billion. Adjusted FCF is envisioned at $6 billion. Ford anticipates 2023 EBIT from Ford Blue and Ford Pro to come in at $7 billion and $6 billion, respectively. Meanwhile, Ford Model e is expected to incur a pretax loss of around $3 billion this year.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Ford Motor Company (F) : Free Stock Analysis Report
Toyota Motor Corporation (TM) : Free Stock Analysis Report
General Motors Company (GM) : Free Stock Analysis Report
