Toyota (TM), the world’s largest automaker by production, reported blowout results for its fiscal year 2024, though investor response was muted as the company issued a conservative outlook, reflecting heavy investments that need to be made as its business transforms.

Toyota expects stellar results in its fiscal-year earnings announcement on May 8, from record sales to record profits. But there could still be some wobbles in the final report, including guidance on whether it can keep up its red-hot pace.

The Japanese carmaker projected a drop in fiscal-year profit on higher costs and announced a share buyback after posting stronger fourth-quarter net profit thanks partly to a weaker yen.

Toyota reported record annual net profit of more than $30 billion on Wednesday but the world's largest automaker by sales warned that the current year would be less spectacular.

Toyota Motor Corp. gave a tepid outlook after recent scandals forced it to cut production, overshadowing a surge in hybrid sales that boosted profit to a record last year.

Profits rose at Japanese car giant Toyota for the fiscal year ending March 31, with the firm reporting that its net income attributable to the company hit ¥4.94 trillion ($32 billion) or ¥365.94 per share from ¥2.