Nissan Rises After Posting Profit on U.S. Car-Demand Recovery, Asia Growth
Nissan Motor CEO Carlos Ghosn
Dimas Ardian/Bloomberg
Nissan Motor CEO Carlos Ghosn speaks during a news conference in Jakarta.
Nissan Motor CEO Carlos Ghosn speaks during a news conference in Jakarta. Photographer: Dimas Ardian/Bloomberg
Nissan Motor Co., Japan’s third- largest carmaker, rose to the highest level in five weeks in Tokyo after turning to a first-quarter profit on recovering auto demand in North America and rising sales in Asia.
Nissan gained as much as 2.8 percent to 688 yen and traded at 681 yen as of 9:18 a.m. local time. The Yokohama-based company posted net income of 106.6 billion yen ($1.2 billion) for the three months ended June 30, compared with a loss a year earlier, it said after the close of trading yesterday. The result beat the 58 billion yen average of three analyst estimates compiled by Bloomberg.
Chief Executive Officer Carlos Ghosn expects Nissan’s global sales to increase 8 percent this fiscal year, aided by 10 new models, including the Leaf electric car and the March compact. The carmaker’s deliveries surged 68 percent in China during the quarter compared with a year earlier, while government subsidies boosted sales in Japan.
Sales in Asia excluding Japan rose 62 percent during the quarter to 308,000 vehicles, while deliveries in its domestic market grew 19 percent to 138,000. In North America, sales gained 23 percent to 278,000 units.
Nissan reiterated its forecast for net income of 150 billion yen for the year ending March 31, compared with 42 billion yen a year earlier.
To contact the reporter on this story: Terje Langeland in Tokyo at tlangeland1@bloomberg.net
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