Toyota’s earnings were strong on Thursday, and they came in as a win for shareholders, despite the automaker facing criticism over its sales and profitability.
The Japanese automaker posted a profit of $2.6 billion, beating analyst expectations of $1.8 billion, according to the Japanese company’s most recent financial report.
That’s a bigger profit than it earned in 2015.
In addition to making more money on sales, the automakers dividend, which was paid out last year, also helped offset a loss on non-financial assets.
The company has been struggling to recover from a devastating fire in 2015, and the fire forced it to pull its 2015 sales and production plans, which were seen as an effort to show that Toyota was doing things right.
But Toyota’s stock price rose in the wake of the release of the results, and now sits at $49.88 per share, more than two times its average price of $30.57.
Toyota has long been the target of criticism for its poor profit performance, with its stock trading at just below its 2010 average of $35 per share.
Toyota is one of the few companies in the world that is able to sell its vehicles through the direct-to-consumer market.
It also has the largest profit margins in the U.S., thanks to its use of a combination of franchised dealerships and independent suppliers, and its low labor costs.
But the automatons stock has lost about 10% of its value since its 2016 earnings report.
Toyota said it expects a profit in 2017.
“The results of the first quarter were well ahead of the expectations of the analysts and were more than offset by the adverse economic environment,” Toyota said in a statement.
Toyota reported that it is still trying to find its way in the auto industry, and it said it has plans to improve the efficiency of its supply chain, but its efforts have so far been in vain.