May 08, 2024 12:42 GMT
Toyota (A1/A+): 4Q24 Results
CONSUMER CYCLICALS
Neutral for spreads. Strong quarter but worse outlook, balance sheet remains very strong
• Revenue beat by 11% helping operating income beat by 25% with FX a big driver.
• Net cash grew to 12.65tn (9tn at 3Q).
• FY25 forecast EBIT sees a 20% drop YoY, with analysts expecting only a marginal decline. Margins are set to shrink 2.6% due to rising costs.
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