Toyota Motor reported a 76% surge in first-quarter net profit, driven by strong hybrid electric-vehicle sales and raised its annual earnings forecasts. The Japanese carmaker said Tuesday that net profit was ¥1.48 trillion, equivalent to $9.42 billion, for the three months ended June, up sharply from ¥841.3 billion a year earlier. That result far exceeded the ¥978.49 billion estimate in a poll of analysts by data provider Quick.

Revenue increased 10% to ¥13.53 trillion in the first quarter. For the year ending March 2027, Toyota Motor forecast consolidated revenue of ¥54.00 trillion and net profit of ¥3.25 trillion, raising its previous projections of ¥51.00 trillion in revenue and ¥3.00 trillion in net profit. The company maintained its group vehicle sales forecast of 11.18 million units for the fiscal year.