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Operating profit for the three months ended Dec. 31 totalled 956.7 billion yen ($7.28 billion), beating the average 764.54 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 784.4 billion yen profit.
The world’s largest automaker by sales stuck to its forecast for annual operating profit of 2.4 trillion yen for the year to end-March.
Toyota said last month its chief executive, Akio Toyoda, will step down in April as head of the company his grandfather founded, handing over to the leader of its Lexus luxury brand as the shift to electric vehicles challenges the car giant.
The company cut its annual production target for the fiscal year to March 31 by 1.1% to about 9.1 million vehicles, in a sign of possible prolonged impact on output from a hard-to-predict chips and parts shortages.
Toyota shares, which were down 0.4% just before the release of the earnings, reversed losses immediately after and were up 0.6% at 1,909 yen by 0434 GMT.
($1 = 131.3500 yen)
