By Kosaku Narioka

Toyota Motor raised its full-year earnings guidance after saying that second-quarter net profit nearly tripled from a year earlier as sales grew thanks to an easing chip shortage.

The Japanese automaker said Wednesday that net profit increased to 1.278 trillion yen ($8.43 billion) for the three months ended Sept. 30 from Y434.26 billion in the year-earlier period. That beat the estimate of Y912.325 billion in a poll of analysts by Quick.

The year-earlier results had been hit by higher materials costs and a shortage of semiconductors that weighed on production.

For the fiscal-year ending March 2024, Toyota projects that net profit will increase 61% to Y3.950 trillion, up from its previous forecast of Y2.580 trillion. The carmaker kept its fiscal-year forecast for group vehicle sales, including those of subsidiaries Daihatsu Motor and Hino Motors, unchanged at 11.4 million units.

Write to Kosaku Narioka at

(END) Dow Jones Newswires

11-01-23 0141ET