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Nissan raises profit forecast after sales grow

Staff writer |
Nissan raised its earnings forecast for the fiscal year after reporting a nearly 21 percent jump in quarterly profit as a cheap yen amplified strong overseas sales.

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The Japanese automaker said that sales were strong in the U.S. and European markets and the cheap yen boosted overseas revenue, offsetting a decline in its home market. Nissan Motor Co. reported a better-than-expected 101.8 billion yen ($856 million) net profit for October-December. Analysts surveyed by FactSet had expected about 83 billion yen ($697 million) in quarterly profit.

Quarterly sales surged about 17 percent to 2.94 trillion yen ($24.7 billion), which was also better than forecasts.

Yokohama-based Nissan, which makes the Leaf electric car, the Altima sedan and Infiniti luxury models, expects a 420 billion yen ($3.5 billion) profit for the fiscal year through March, marking an 8-percent rise year-on-year.

Previously, it had projected a 405 billion yen ($3.4 billion) profit.

The automaker raised its annual sales forecast to 11.15 trillion yen ($93.7 billion) from 10.8 trillion yen ($908 billion).

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