Toyota Motor Corporation ( TM ) reported second-quarter financial results before the market open on Wednesday. Here’s a rundown of the report.

What Happened: Toyota ( TM ) reported second-quarter sales of 11.44 trillion yen ($76.29 billion), beating analyst estimates of 11.41 trillion yen. The company reported operating income of 1.15 trillion yen.

The second quarter marked Toyota’s first quarterly profit drop in two years, per Reuters.

Sales volumes were down 20% year-over-year. The automaker reported 2.3 million vehicle sales for the quarter, compared to 2.41 million vehicles sales in the same period last year. Toyota ( TM ) also cut its full-year vehicle production target to 10.85 million from 10.95 million.

Related Link: Tesla Stock Surges Over 13% In Premarket: What Is Going On

Toyota ( TM ) has been slower than competitors in making a shift to electric vehicles. Toyota ( TM ) chairman Akio Toyoda reportedly said an all-electric vehicle future would create significant job losses in the automotive industry.

"There are 5.5 million people involved in the automotive industry in Japan. Among them are those who have been doing engine-related (work) for a long time," he reportedly told reporters.

"If electric vehicles simply become the only choice, including for our suppliers, those people's jobs would be lost."

Toyota ( TM ) raised its full-year dividend forecast to 90 yen and maintained its profit forecast for the current year at 4.3 trillion yen.

TM Price Action: At the time of publication, Toyota ( TM ) shares were down 0.62% at $173.64, according to data from Benzinga Pro.

Image: Photo via Shutterstock