Nissan more than doubles Q2 operating profit, beating estimates

JAPAN’S Nissan Motor reported on Thursday (Nov 9) it had more than doubled its operating profit for the July-September quarter, beating analysts’ estimates, boosted by steady sales in North America and Japan and a weaker yen.

The company reported a 127-per cent rise in July-September operating profit to 208.1 billion yen (S$1.9 billion), compared with an average estimate of 155.9 billion yen in a poll of 10 analysts by LSEG and a 91.7 billion yen operating profit in the same period a year earlier.

The automaker raised its full-year forecast by nearly 13 per cent to 620 billion yen due to a favourable impact of a weak yen and improvements in global retail sales, excluding China.

The forecast compared to a 570.1 billion yen average profit forecast in a poll of 19 analysts by Refinitiv.

Nissan shares closed up 3.9 per cent at 635.5 yen earlier in the day before it reported earnings, after a restructured alliance agreement with Renault that puts the automakers on an equal footing came into effect on Wednesday. REUTERS