丰田公布1万亿日元回购并上调全年利润展望，但盈利仍低于市场预期

Toyota Motor Corp. unveiled a ¥1 trillion ($6.3 billion) buyback and raised its profit outlook on solid sales in the US and Japan, which were boosted by a weaker yen that preceded the recent gain in the currency.

The world’s largest carmaker now sees ¥3.4 trillion in operating profit for the fiscal year through March, it said in a statement Tuesday. Analysts are projecting, on average, profit of ¥3.9 trillion. The sales forecast was raised to ¥54 trillion from the prior ¥51 trillion outlook.

Toyota has benefited from the enduring popularity in the US of gas-electric hybrids, a technology it helped pioneer. This, along with the weak yen during the first half, helped provide a buffer from soaring raw material costs and supply chain disruptions triggered by the war in Iran, which has upended many of the region’s key shipping routes.

Profit for the quarter through end-June was ¥1.1 trillion, marking five straight months of year-on-year declines. Sales for the period were ¥13.5 trillion.

Toyota had warned investors in May of a surprise drop in profit this year, citing disruption to supplies from the Iran conflict that would result in an estimated ¥670 billion hit to its bottom line.

Its largest suppliers are struggling with ballooning costs and logistical problems as well as shortages of aluminum, resins and other basic supplies. With little visibility on when the turmoil in Iran will subside, it’s hard to predict how long it will impact production.

The carmaker’s global sales fell in June — the fifth month in a row — as regional conflicts and intense competition squeeze legacy brands fighting to adapt to the industry’s rapid shift toward software-driven, battery-powered cars.