Nissan posts JPY82.7 billion net income for third quarter ended Dec. 31
By Julybien, 09 Feb, 2012. 0 Comments
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Japanese carmaker Nissan posted a net income of JPY82.7 billion for the third quarter ended Dec. 31, 2011, surpassing analyst estimates. According to the average estimate of seven analysts surveyed by Bloomberg News, Nissan was expected to post a JPY71.3 billion net income for the third quarter. With the strong third-quarter showing, Nissan maintained its earnings forecast for the fiscal year ending March 31, 2012 at JPY290 billion in net income. The carmaker’s profit in its third fiscal quarter was largely attributed to its strong showing in China, where it posted a 22% increase in sales in 2011. Nissan/Renault CEO Carlos Ghosn made a forecast in January that the automotive industry will have a record year due to growth in the U.S., China and most developing countries.
Mitsushige Akino, at Ichiyoshi Investment Management Co., said Nissan was barely affected by the natural disasters in 2011, and it is expected to continue growing this year. Akino remarked that the carmaker has the ability to flexibly adjust production in regions where demand is strong. “Even if it slows down in certain regions, it shouldn't be difficult for them to make it up elsewhere," Akino noted.
In 2011, Nissan’s worldwide sales soared 14% to a record 4.67 million vehicles. The company’s China sales increased by 22% to 1.25 million. In the third quarter ended Dec. 31, 2011, the company posted a 19.5% hike in sales to 1.205 million units. The company also posted a 10% growth in the U.S., spearheaded by its Altima, Rogue and Quest models.
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