Nissan Motor Posts Weak Quarterly Profit, Cuts Vehicle Sales and Profit Forecasts

By Kosaku Narioka

Nissan Motor reported a drop in first-quarter net profit and lowered its full-year vehicle sales and profit forecasts.

The Japanese carmaker said Thursday that net profit dropped 73% from a year earlier to 28.56 billion yen, the equivalent of $185.6 million, for the three months ended June. That missed the estimate of Y98.87 billion in a poll of analysts by data provider Quick.

First-quarter revenue increased 2.8% to Y2.998 trillion.

For the year ending March 2025, it projected net profit to drop 30% to Y300.00 billion, compared with its previous view of a 11% decline. Nissan now expects global sales to rise 6.0% to 3.65 million units, down from its previous forecast of 3.7 million units.

The carmaker has been reshaping its global strategy following a restructuring of its alliance with Renault and Mitsubishi Motors last year.

Nissan and Honda Motor said in March that they would study ways to collaborate on electric vehicles, their core parts, and software.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

July 25, 2024 02:07 ET (06:07 GMT)

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