Toyota posts record profit but cautious on outlook as chip crunch hits

Toyota Motor posted a record quarterly operating profit on Wednesday as pandemic-hit sales rebounded, but refrained from raising its full-year estimate, citing rising Covid-19 cases and a global chip shortage.

The world’s biggest automaker by vehicle sales stuck by its forecast made in May for an operating profit of 2.5 trillion yen ($22.93 billion) for the current fiscal year, trailing an average forecast for a 2.88 trillion yen operating profit, according to 24 analysts polled by Refinitiv.

Toyota shares fell 2% in afternoon trading on Wednesday, extending losses from the morning session, with some investors disappointed that the company had not lifted its profit guidance. “In the first quarter, we have seen the results of our improvement activities, despite…