{"id":131200,"date":"2018-11-08T15:30:26","date_gmt":"2018-11-08T20:30:26","guid":{"rendered":"http:\/\/www.thedetroitbureau.com\/?p=131200"},"modified":"2018-11-08T15:30:26","modified_gmt":"2018-11-08T20:30:26","slug":"nissan-profits-fall-8-in-first-half-of-fiscal-year","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2018\/11\/nissan-profits-fall-8-in-first-half-of-fiscal-year\/","title":{"rendered":"Nissan Profits Fall 8% in First Half of Fiscal Year"},"content":{"rendered":"
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Nissan CFO Hiroshi Karube reported the company's profits fell 8% overall due to falling sales in North America and Europe.<\/figcaption><\/figure>\n

Nissan Motor Co. reported an 8% drop in quarterly profits due to declining sales in its biggest markets, North America and Europe, as well as hits on raw material costs.<\/p>\n

The Japanese automaker reported quarterly profits of 130.4 billion yen, or $1.1 billion, on Thursday, down from 141.6 billion yen the same period a year earlier. The automaker noted that quarterly sales fell nearly 3% to 2.82 trillion yen, or $24.8 billion.<\/p>\n

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Global News!<\/figcaption><\/figure>\n

However, this dip in profits wasn\u2019t enough for Nissan to revise its forecast for the fiscal year through March for a 500 billion yen, or $4.4 billion, profit on 12 trillion yen, or $106 billion, sales.<\/p>\n

Hiroshi Karube, Nissan\u2019s chief financial officer, said the automaker\u2019s quarterly vehicle sales fell in North America and Europe, rose in China, and were steady in Japan, compared with last year results, according to the Associated Press.<\/p>\n

(Toyota earnings soar on global sales surge. <\/em>Click Here<\/a><\/span>\u00a0for the story.)<\/em><\/strong><\/p>\n

He told reporters Nissan was pushing to return to profitability in North America, and that the rising cost of raw materials pinched earnings, adding that steel and aluminum tariffs and other raw materials announced by President Donald Trump negatively impacted the company\u2019s bottom line last quarter, but only marginally when it came to rising material costs.<\/p>\n

In the U.S., Nissan\u2019s sales fell 9.1% to 709,000 vehicles, equivalent to a market share of 8.1%. Nissan sales in Europe, including Russia, fell by 12.1% to 330,000 vehicles, equivalent to a market share of 3.4%. Sales in Russia increased 2.4% to 50,000, equivalent to a market share of 5.6%.<\/p>\n

(<\/em>Click Here<\/a><\/span>\u00a0to see what hurt Subaru’s profitability.)<\/em><\/strong><\/p>\n

Also hurting Nissan\u2019s bottom line were unfavorable currency exchange rates in emerging markets. Additionallly, the company\u2019s cost-cutting efforts were going well, but research spending was on the rise, it said.<\/p>\n

Karube was asked repeatedly about his views on the U.S. midterm elections and what that meant for trade and other policies affecting Nissan, but he acknowledged he had no idea.<\/p>\n

(To see how truck sales helped GM beat earnings forecasts, <\/em>Click Here<\/a><\/span>.)<\/em><\/strong><\/p>\n

\u201cIt just happened yesterday, and it is today,\u201d he said. \u201cIt is still unclear how the situation may change.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Nissan Motor Co. reported an 8% drop in quarterly profits due to declining sales in its biggest markets, North America and Europe, as well as hits on raw material costs. In the U.S., Nissan\u2019s sales fell 9.1% to 709,000 vehicles, equivalent to a market share of 8.1%. Find out more at TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":131201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[7,8,5],"tags":[],"make":[65,90],"post-state":[],"category_old":[286,150,151,123,287,173,289,171,234,132,284,189,139,290,278,288],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/131200"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/4389"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=131200"}],"version-history":[{"count":0,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/131200\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/131201"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=131200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=131200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=131200"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=131200"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=131200"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=131200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}