For Toyota, a record quarterly operating profit will only draw attention to its unattractive outlook. A pricey share valuation takes the shine off its latest result.
Japan’s leading automaker on Wednesday posted operating profits of ¥997.4bn ($9.1bn) in the quarter to June, a big jump on last year’s ¥13.9bn. Its previous full-year profit estimate, and 8.7m vehicle sales forecast, did not change. Toyota’s projections are well below market expectations.
The carmaker can thank US buyers for last quarter’s surge in profits. America’s recovering auto demand was not met by local rivals GM and Ford. Both had production disrupted by component shortages. The latter expects these to curtail output by about 1.1m cars this year.
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