By Kosaku Narioka


Toyota Motor said Tuesday that its first-quarter net profit rose 78% from a year earlier as a shortage of chips eased and sales grew across markets.

The Japanese automaker said that net profit rose to 1.311 trillion yen ($9.22 billion) for the quarter ended June from Y736.82 billion a year earlier. That beat the estimate of Y793.85 billion taken from a poll of analysts by Quick.

First-quarter revenue increased 24% from a year earlier to Y10.547 trillion, as sales grew across all regions thanks partly to the easing of the semiconductor shortage that weighed on production a year earlier.

Operating profit for Japan more than doubled to Y701.9 billion from Y336.7 billion a year earlier and operating profit for North America rose sharply to Y119.6 billion from Y14.5 billion.

Toyota maintained its forecasts for sales volume, revenue and net profit for the fiscal year ending March 2024.

The automaker projects group vehicle sales, including those of subsidiaries Daihatsu Motor and Hino Motors, at 11.4 million units, compared with 10.6 million units sold the previous fiscal year. It continues to expect revenue to increase 2.3% to Y38.000 trillion and net profit to rise 5.2% to Y2.580 trillion.


Write to Kosaku Narioka at kosaku.narioka@wsj.com


(END) Dow Jones Newswires

08-01-23 0110ET