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Nissan’s Second-Quarter Operating Profit Drops 13%
Nissan Motor Co. reports its pretax earnings shrank 13% to 153.3 billion yen ($1.4 billion) in the fiscal first quarter ended June 30.
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Nissan Motor Co. reports its pretax earnings shrank 13% to 153.3 billion yen ($1.4 billion) in the fiscal first quarter ended June 30.
The downturn came in spite of rising vehicle sales (+5% to 1.35 million units worldwide) and consolidated revenue (+4% to 2.8 trillion yen/$25 billion). The company blames unfavorable exchange rates and rising materials costs.
Gains were driven by a 12% jump in deliveries to 1.2 million units in Japan. In Europe, an 11% increase in Russia boosted flat sales elsewhere to deliver a 1% gain to 185,000 vehicles across the region. But sales slipped in China (-1% to 6 million vehicles) and the U.S. (-3% to 4.4 million).
For the full fiscal year, Nissan reiterates that it expects its operating profit to shrink 8% to 685 billion yen ($6.2 billion).
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