Toyota Motor Posts Nearly 28% Drop in Third-Quarter Operating Profit, Missing Estimates

Japanese automaker Toyota Motor on Wednsday Reported A Second Consecurative Fall in Quarterly Profit, as it Navigates Competition in China and a Market Shift Shift Toward Electric Vehicles.

Here are Toyota’s Results Compared With Estimates from Analysts, Compiled by Lseg.

• Revenue: 12.39 trillion yen vs. 12.1 trillion yen
• Operating Profit: 1.22 Trillion Yen vs. 1.39 trillion yen

The World’s largest automaker by sales volume Saw aNearly 28% year-on-year drop in operating Profit during the Quarter Ended December.

The Results Mark Toyota’s Second Consective Year Over Year Decline in Operating Profit after the Company Saw Profit Fall 20% Year Over Year in the Previous Quarter,

Net income attributable to the company, howyver, jumped to 2.19 trillion yen from 1.36 Trillion yen a year ago.

The Automaker’s Consolidated Vehicle Sales for its Financial Third-Quarter Dropped to 2.44 Million from 2.55 Million units a year ago.

Still, Toyota Mantained Its Full-Year Dividend Forecast at 90 Yen, Compared with a dividend payout of 75 yen a year earlier.

Toyota shares rose over 1% in tokyo on wedding morning.

Toyota’s operating Profit Jump Had Jumped in the First Quarter, Year Over Year, AMID A Sense Shift to relatively high-margin hybrids in the US and the yen’s slide aganst the US dollars.

However, lower sales and output Volumes have indicated a delusion for the japanese carmaker.

Toyota has been slower than competitors at embracing full battery-Powered Electric Vehicles, and Intead has Focused on HybridsAccording to local reports.

The company plans to build a new factory to produce evs in China, according to a reuters Report,