Toyota reports soaring sales, but profit takes a hit

Toyota Motor Corporation (NYSE:TM) reported a notable increase in sales revenue for the period ending September 30, 2024, but faced a decline in net income and earnings per share due to rising legal challenges.

The automaker saw its sales revenue rise to ¥23.28 trillion, a robust increase from ¥21.98 trillion in the same period last year.

During the period under review, the net income attributable to Toyota fell sharply to ¥1.91 trillion, down from ¥2.59 trillion, marking a significant drop year-over-year.

Earnings per share also declined, from ¥191.26 to ¥142.15, as the company navigated heightened legal proceedings and settlements that weighed on its financial results.

Toyota acknowledged that its legal battles, including several ongoing cases and settlements, had a considerable impact on its overall financial position, contributing to the reduction in profits.