Toyoda Gosei delivers 421% increase in profits in fiscal Q1

TOKYO—Increased global production among customers helped Toyoda Gosei Co. Ltd. to deliver 421.4-percent year-on-year increase in operating profit, to about $115 million (Yen 16.6 billion) for its fiscal first quarter ended June 30.

The automotive and industrial components maker linked the huge jump in earnings to a 23.8-percent year-on-year rise in sales, to $1.8 billion, as well as rationalization efforts.

In Japan, the rubber and plastics parts supplier's sales rose 23.7 percent year-on-year to $746.9 million, while segment income came to $27.9 million, reversing a loss of $9.9 million a year ago, based on average 2022 exchange rates.

Toyoda Gosei's Americas business, meanwhile, posted a 30.2-percent year-on-year increase in revenues, to $669.4 million, and segment profit 284.3-percent higher at $53.7 million.

Elsewhere, Asian revenues increased 16 percent year-on-year to $479.5 million, while segment profit was up 50.6 percent at $34.2 million.

At Toyoda Gosei's operations in Europe and Africa, sales increased 27.7 percent to $59.3 million, while a segment loss of about $2.1 million marginally improved on a prior-year period loss of $4.5 million, based on average 2022 exchange rates.

For the remainder of the fiscal year, ending March 31, 2024, Toyoda Gosei said its forecasted revenue and profits remains unchanged from its April 27 announcement. The manufacturer anticipates $6.4 billion (Yen 920 billion) in revenue, $279 million in operating profit, $279 million in profit before tax (EBT) and $174 million in "profit attributable to owners of parent."