Deals
Toyota to Buy Back $1.8 Billion in Shares as Profit Tops Estimates
- 200 billion yen share buyback in line with prior repurchases
- Cost controls, solid U.S., Japan sales support profitability
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Toyota Motor Corp.’s quarterly profit topped analysts’ estimates thanks to healthy sales of RAV4s in the U.S. and Corollas at home, keeping the Japanese automaker’s business on track amid sputtering global demand for cars.
Operating income for the fiscal second quarter that ended in September was 662 billion yen, helped by cost controls that paved the way for a 200 billion yen ($1.8 billion) share buyback. Analysts had predicted, on average profit of 604 billion yen. The shares rose 1.1% after the results, leaving the stock up 21% this year.