PSA Autos: Toyota (7203 JP) – Upbeat FY18 Forecasts Despite Sales Challenges in the US, Japan
Toyota (7203 JP) reported Q4 results above expectations, with OP of ¥629.6bil (+46.4% YoY), compared to consensus of ¥454bil and Toyota’s own forecast of ¥429.8bil. The improvement in profit was the result of:• the absence of Takata-related expenses (which had hurt FY17 Q4 earnings; in FY18 Q4 in North America (NA), the reduction in quality-related expenses lifted OP by ¥80bil, and
• cost reduction efforts (adding ¥30bil to OP).
Toyota Motor is an automobile manufacturer. Co. is primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories throughout the world. Co. provides financing, vehicle and equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Co. Co.'s principal business segments are automotive operations, financial services operations and other operations. Co. sells its vehicles in approximately 190 countries and regions, and markets for its automobiles in Japan, North America, Europe and Asia.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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