Toyota boosts earnings forecast, unveils $6B+ buyback on weak yen, war impact

Toyota Motor raised its annual earnings guidance and announced a share buyback of up to ¥1 trillion, citing benefits from a weaker yen and a smaller-than-anticipated impact from the Iran war. The Japanese automaker's net profit for the quarter ended in June surged 76% to ¥1.48 trillion, while revenue climbed 10% to ¥13.53 trillion. The company now estimates the war will create a ¥510 billion drag on operating profit, down from a previous forecast of ¥670 billion.