Nissan Q1 net income $1.3 billion
The company reported net revenue of $23.9 billion (2.90 trillion yen), an increase of 17.6% versus 2.47 trillion yen a year ago. Operating profit was $1.6 billion (193.7 billion yen), up from 122.6 billion yen, a 58.0% increase. Net income was $1.3 billion (152.8 billion yen), an increase of 36.3% versus 112.1 billion yen in the prior year.
Nissan unit sales increased 4.4% in a market that increased 1.5%. Market share rose to 5.9%, up from 5.7% the previous year. The company sold 1,294,000 vehicles during the period.
On a management pro forma basis, which includes the proportional consolidation of results from Nissan's joint venture operation in China, fiscal year first quarter net revenue increased to 3.12 trillion yen, up 16.0% year-on-year.
Operating profit was up 41.0% versus the same period last year, to 219.7 billion yen, resulting in a 7.0% operating profit margin.
Nissan reaffirmed its global sales forecast for fiscal 2015. With a number of new models in the pipeline, including the Titan pick-up truck in the U.S. and the Lannia sedan in China, the company expects to sell 5.55 million units this fiscal year, up 4.4% and equivalent to global market share of 6.5%. ■