Toyota Motor raised its full-year earnings guidance after saying that second-quarter net profit nearly tripled from a year earlier as sales grew thanks to an easing chip shortage.

Net profit rose to 1.278 trillion yen ($8.43 billion) for the three months ended Sept. 30 from Y434.26 billion in the year-earlier period, the Japanese automaker said Wednesday. That beat the estimate of Y912.325 billion in a poll of analysts by Quick.