Nissan’s Profits Jump 37%

Nissan Motor Co. reports net earnings of 112.1 billion yen ($1.1 billion) for the fiscal first quarter ended June 30, up 37%. Revenue climbed 11% to 2.5 trillion yen ($24.2 billion).

The company's global operating profit for the quarter rose 13% to 122.6 billion yen ($120.3 million). Unit sales advanced 6% to 1.24 million vehicles.

Nissan's operating profit in Japan plunged 24% to 56.9 billion yen ($558.4 million) as the country's April consumption tax increase triggered a two-month sales slump. Domestic sales slipped 1% to 134,000.

In the U.S., Nissan's unit sales grew 14% to 350,000 in April-June. The company's operating profit there surged 22% to 51 billion yen ($500.5 million). In China, quarterly volume surged 21% to 283,000 units. European sales rose 13% to 171,000 units.

Nissan predicts its worldwide sales will climb 9% to 5.65 million vehicles for the full fiscal year ending March 31. It expects revenue to grow 3% to 10.8 trillion yen ($106 billion) and forecasts a 7% gain in operating profit to 535 billion yen ($5.3 billion).