Hit by rising costs and supply snarls, Toyota profit tumbles 42% [CNBC]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: CNBC
Operating profit for the three months ended June 30 sank to 578.66 billion yen ($4.3 billion) from 997.4 billion yen in the same period a year ago, Toyota said on Thursday, capping a tough period. It has repeatedly cut monthly output goals due to the global chip shortage and Covid-19 curbs on plants in China. The scale of the earnings hit was far beyond expectations — analysts polled by Refinitiv had estimated a 15% drop — and appeared to catch investors by surprise. Shares of Toyota, the world's biggest automaker by sales, extended losses, sliding 3%. “It's extremely bad,” said Koichi Sugimoto, an analyst at the Mitsubishi UFJ Morgan Stanley Securities. While production snarls had already been flagged by the automaker, Sugimoto said some of the higher costs stood out. The automaker said rising material prices cost it 315 billion yen. Despite the grim quarter, the automaker stuck to its forecast for full-year operating profit and a plan to produce 9.7 million vehicles this
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