Toyota Tumbles Even as Q1 Results Beat on Weak Yen, Hybrid Sales

Toyota Motor (TM) American depositary receipts (ADRs) fell Thursday moreover though nan automaker posted better-than-expected first-quarter results connected a anemic yen and beardown hybrid conveyance sales.

The Japanese institution said its Q1 nett profit roseate 1.7% year-over-year to 1.33 trillion yen ($8.83 billion), while gross accrued 12% to Y11.84 trillion ($78.62 billion). Analysts polled by Visible Alpha were looking for nett income of Y1.18 trillion connected gross of Y11.65 trillion.

Recalls, 'Certification Issues' Affect Japanese Results

The yen has been rising for weeks arsenic investors anticipated Wednesday’s interest-rate increase. Sales volumes were besides deed successful Japan, nan institution said, arsenic it dealt pinch recalls and "certification issues."

In contrast, income successful North America, Europe, and Asia increased, pinch Toyota noting that a beardown capacity successful hybrid income overseas has helped electrified vehicles to 43.2% of its total.

Toyota ADRs fell astir 5% to $184.01 astatine 9:50 a.m. ET Thursday.