Shares of Toyota Motor Corp. (NYSE: TM) reached the current intraday low of $112.75 almost down 2 percent. The automaker had reported earnings that missed analyst expectations as a strong yen hindered earnings. Operating profit for the fourth quarter was 438.59 billion yen ($3.91 billion) versus Factset’s estimate of $483.44 billion yen ($4.31 billion). Revenue was a positive highlight as the company reported $7.084 trillion yen ($63.2 billion) that beat the street’s estimate of $6.837 trillion yen ($61 billion). The automaker also adjusted forecast for the remainder of the year to help reflect changes in the yen. The company projects $1.7 trillion yen for the year.
Toyota had posted sales gains in Asia, North America and Europe, whereas sales declined in the Middle East, Africa, South America and Oceania. “If you look at the industry as a whole, the overall trend is an increase in incentives…” project general manager of Toyota’s accounting division, Masayoshi Hachisuka said in the earnings call. “And by controlling incentives, we intend to strike a good balance between th number of units and profitability.”