Toyota Motor Corporation announced on Tuesday a massive 1 trillion yen ($6.3 billion) share repurchase program and upgraded its earnings outlook, propelled by robust sales in the United States and Japanese markets.

In a statement released Tuesday, the world's largest automaker revised its operating profit forecast for the fiscal year ending March to 3.4 trillion yen. This figure falls short of the 3.9 trillion yen average estimate among analysts. The company also raised its sales forecast to 54 trillion yen, up from a prior projection of 51 trillion yen.

Toyota reported a first-quarter operating profit of 1.1 trillion yen, marking a fifth consecutive year-on-year decline. Quarterly sales reached 13.5 trillion yen.