Toyota reports 25% drop in Q2 profit, misses estimates

Toyota Motor Corp on Tuesday posted a 25% drop in second-quarter operating profit, as soaring parts and materials costs outweighed a boost in overseas revenue from the plunging Japanese yen, as well as a rebound in production. Operating profit for the three months ended Sept. ($1 = 148.3100 yen)

Toyota Motor Corp on Tuesday posted a 25% drop in second-quarter operating profit, as soaring parts and materials costs outweighed a boost in overseas revenue from the plunging Japanese yen, as well as a rebound in production.

Operating profit for the three months ended Sept. 30 fell to 562.7 billion yen ($3.79 billion), missing an average estimate of 772.2 billion yen in a poll of 12 analysts by Refinitiv. In the same period a year earlier, Toyota reported a 749.9 billion yen profit. ($1 = 148.3100 yen)