Toyota Motor Corp. raised its annual operating profit outlook on Thursday, a promising sign that it is confident of ramping up production after parts shortages disrupted operations.
The automaker’s shares jumped as much as 2.5% after it said it will buy back ¥150 billion ($1.3 billion) worth of its own shares.
The world’s biggest automaker by sales volume forecast operating profit of ¥2.8 trillion for the fiscal year through March, up from ¥2.5 trillion announced in August. Analysts were expecting, on average, ¥3 trillion. For the latest July-September quarter, Toyota reported operating profit of ¥750 billion, exceeding the ¥553 billion projected by analysts.