Toyota Motor’s third-quarter net profit falls 5.6% as parts shortage hurts sales

Toyota lowered its revenue forecast but kept its net profit projection for the fiscal year ending March

Toyota Motor Corp.’s third-quarter net profit fell 5.6% compared with the same period a year earlier as sales dropped due to the parts shortage caused by the Covid-19 pandemic.

The Japanese auto maker said Wednesday that net profit for the quarter ended Dec. 31 fell to 791.74 billion yen ($6.85 billion). That beat the estimate of Y623.15 billion from a FactSet poll of analysts.

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Third-quarter revenue decreased 4.5% from a year earlier to Y7.786 trillion as a shortage of chips weighed on production.

Operating profit for Japan fell 26% from a year earlier to Y396.5 billion and in North America it dropped 39% to Y129.2 billion.

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TM TOYOTA MOTOR CORP. 160.60 -0.75 -0.46%

Toyota lowered its revenue forecast but kept its net profit projection for the fiscal year ending March. It expects revenue to increase 8.4% to Y29.500 trillion, compared with the previous forecast of a 10% rise, while it continues to expect net profit to rise 11% to Y2.490 trillion.

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Toyota kept its fiscal-year group vehicle sales forecast at 10.3 million units.

Write to Kosaku Narioka at kosaku.narioka@wsj.com