Nissan beats estimates but lags behind fellow Japanese car makers
After a disappointing second quarter, Nissan Motors has announced an above-expectations jump of 57 per cent jump in net income to 84.3bn yen (£501.7m) – its steepest quarterly gain in three years.
Better sales in China, its biggest market, saw total car sales for April-December rise to 3.67m.
Improvement in the US economy and a depreciating yen also helped the company up the number of vehicles it sold.
Having said that, while net income beat forecasts, it accounted for only 3.3 per cent of revenue – the lowest of any Japanese car maker for the last quarter.
Moreover, while operating profits rose to 370.8bn yen in the first nine months of the fiscal year, that meant missed estimates for the country's second biggest car manufacturer.
Chief executive Carlos Ghosn said:
Nissan has delivered a solid nine-month performance amid growing demand for new models in several key markets
Sales in Japan and North America helped offset emerging market volatility and sluggish conditions in Europe. Based on its strong product line-up and current market demand, Nissan is maintaining its full-year earnings guidance.
Nissan, which cut its full-year profit forecast by 15 per cent in November, hasn’t altered its forecast for the fiscal year, ending 31 March 2014.
Shares closed up 0.11 per cent.
(Google)