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Nissan Earnings Tumble 35%
Nissan Motor Co. reported a 54.1 billion-yen ($578 million) net profit in the fiscal third quarter ended Dec. 31 compared with 82.7 billion yen ($883 million) a year earlier.
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Nissan Motor Co. reported a 54.1 billion-yen ($578 million) net profit in the fiscal third quarter ended Dec. 31 compared with 82.7 billion yen ($883 million) a year earlier.
Revenue fell 5% to 2.2 trillion yen ($23.6 billion) in the three-month period. Sales slid 4% to 1.16 million vehicles, including a 14% drop to 269,000 units in China.
The company blames its poor results on the strong yen, weak demand in Europe, anti-Japan sentiment in China and slower-than-expected U.S. sales of the latest generation of the Altima and Sentra sedans and Pathfinder SUV.
Nissan confirms its full-year outlook for revenue of 9.8 trillion yen ($104.7 billion) and net income of 320 billion yen ($3.4 billion). The company expects the weakening yen to buoy results in the January-March period.
But Nissan, which sold 3.64 million vehicles in the first nine months of the fiscal year, says it will be a stretch to attain its annual goal of 5.08 million units.
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