Nissan quarterly profit down 11 pct on yen, shrinking sales
{{#rendered}} {{/rendered}}This Feb. 11, 2016, photo shows a Nissan emblem on a 2016 Nissan automobile at the Pittsburgh International Auto Show in Pittsburgh. Japanese automaker Nissan Motor Co. is reporting a 136.4 billion yen ($30.7 million) profit for the fiscal quarter through June, down nearly 11 percent from the same period a year ago. (AP Photo/Gene J. Puskar) (The Associated Press)
Japanese automaker Nissan Motor Co. is reporting a 136.4 billion yen ($30.7 million) profit for the fiscal quarter through June, down nearly 11 percent from the same period a year ago.
The result released Wednesday was in line with forecasts from analysts surveyed by FactSet.
Quarterly sales shrank 8.4 percent to 2.65 trillion yen ($25 billion) due to a stronger yen, which slams overseas earnings for exporters like Nissan.
{{#rendered}} {{/rendered}}Yokohama-based Nissan, which makes the March subcompact, Infiniti luxury brand and the Leaf electric vehicle, kept its full-year forecast for a 525 billion yen profit, up slightly from the 524 billion yen earned the previous fiscal year.
Nissan blamed volatility in emerging markets for the lower profit, noting vehicle sales dipped in South America, the Middle East and Africa.