Toyota Raises Annual Operating Income Forecast to ¥3.9 Trillion

Toyota Motor Corporation lifted its full-year operating income outlook to ¥3.9 trillion after quarterly operating profit posted a larger-than-expected increase, while lowering its vehicle sales forecast.

Its U.S.-listed shares climbed about 9% in premarket trading Thursday, Nov. 5.

Toyota credited foreign-exchange movements and marketing efforts with supporting first-half operating income. Those gains offset cost-reduction expenses and other declines. The company also pointed to hybrid vehicle demand and actions to address tariffs and higher material prices.

The ¥3.9 trillion operating income projection exceeded analyst consensus, while Toyota’s net income forecast was below estimates. The company also expanded its share-repurchase authorization and launched a discounted tender offer.