CEO Ghosn raises Nissan's full-year earnings forecast.
Crediting improved sales, cost-cutting and a weak yen, Nissan is reporting a 21% jump in its quarterly profits, while also increasing its earnings estimate for the full fiscal year.
The second-largest of the Japanese makers earned 101.8 billion yen for the October to December quarter, or $856 million. That was significantly better than the 83 billion yen, or 697 million consensus forecast, according to FactSet.
“Nissan delivered solid financial results in the first nine months of the fiscal year, reflecting rising U.S. sales of our latest models and a normalizing yen-dollar exchange rate,” said the maker’s President and CEO Carlos Ghosn, in a statement.
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Crediting “positive momentum” in sales, as well as a weak yen, Ghosn upped the full-year forecast for Nissan to 420 billion yen, or $3.5 billion, which would be an 8% annual increase. Nissan had originally expected to earn 405 billion yen, or $3.4 billion, for the fiscal year which ends on March 31.