Toyota Motor (TM 113.76, +1.03) has added 0.9% after beating first quarter expectations and boosting its guidance.
The Japanese automaker reported above-consensus first quarter earnings of JPY202.84 per share on a 7.0% year-over-year increase in revenue to JPY7.05 trillion, which was also ahead of expectations.
Consolidated vehicle sales increased 2.0% year-over-year to 2.215 million units. Negative currency effects and higher expenses were partially offset by the company's cost reduction efforts. Operating income declined by JPY67.90 billion.
Vehicle sales in Asia declined by 21,517 units to 362,654 units while segment operating income fell JPY21.70 billion to JPY102.80 billion.
The remaining regions recorded higher sales. Sales in Japan grew by 33,053 to 544,223 units while operating income increased by JPY29.70 billion to JPY319.90 billion.
North American sales increased by 8,235 units to 723,619, leading to a JPY11.90 billion increase in operating income to JPY88.80 billion.
European sales grew by 8,235 to 240,344 units while operating income increased by JPY11.90 billion to JPY20.50 billion.
Sales in Central and South America, Oceania, Africa and the Middle East increased by 5,045 units to 344,271. Operating income grew by JPY11.30 billion to JPY39.50 billion.
Toyota's financial services arm saw its operating income decline by JPY14.90 billion to JPY75.30 billion.
Looking ahead, Toyota expects that revenue for the full year will hit JPY28.50 trillion after its previous forecast called for revenue of JPY27.50 trillion. Operating income for the full year is expected to come in at JPY1.85 trillion. The company continues expecting that consolidated vehicle sales will total 8.90 million units, representing a year-over-year decline of 71,000.