, YOKOHAMA, Japan
Nissan Raises Full-Year Profit Forecast
Nissan Motor announced first-half results showing net income at $2.3 billion, and an operating margin of 7.1%.
The income figure was limited by the strong yen and the lingering impact of the natural disasters that struck Japan in March.
From April to September, Nissan sold over 2.22 million vehicles worldwide, a jump of 10.7% on year.
Chief Operating Officer Toshiyuki Shiga said the company is on track for a strong yearly performance.
“As we look forward to the second half of this fiscal year, we remain confident in Nissan’s ability to deliver improved retail volumes and solid revenues despite challenging market conditions,” Shiga said.
“We will deliver significant profits reflecting continued operational momentum and financial discipline, although the impact of the strong yen will continue to impact our full-year fiscal 2011 forecasts.”
Nissan revised up its full-year forecast seeing net income to $3.63 billion, based on average exchange rates of 80 yen to the dollar, and 110 yen to the euro, for the second half of the year.
COO Shiga said the strong yen remains a factor, despite recent Japanese currency intervention.
“Clearly Nissan faces a number of risks in the second half, but we also see significant opportunities ahead. The risks are derived mainly from continued foreign exchange difficulties, the flooding in Thailand and general signs of global economic slowing,” he said.
Earlier, Nissan North America announced another record for October sales, jumping 22.1% on year to over 75,000 units.