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Nissan roughly doubles first-quarter profit, lifts outlook

Published 07/26/2023, 02:37 AM
Updated 07/26/2023, 07:21 AM
© Reuters. FILE PHOTO: People gather at Nissan's stand during the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly
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TOKYO (Reuters) - Japan's Nissan (OTC:NSANY) Motor roughly doubled its first-quarter profit on Wednesday, boosted by higher production and sales in North America and Japan and a weaker yen and it lifted its full-year outlook.

Operating profit for the April-June period came to 128.6 billion yen ($914.59 million), versus the 120.33 billion yen average forecast in a poll of 10 analysts by Refinitiv and a 64.9 billion yen profit the same period a year earlier.

The Yokohama-based automaker raised its full-year forecast by nearly 6% to 550 billion yen due to cost discipline and a favourable foreign exchange rate impact.

The forecast compared to a 517.42 billion yen average profit forecast in a poll of 18 analysts by Refinitiv.

Nissan shares closed down 1.2% at 656.8 yen earlier in the day, before the company reported earnings.

($1 = 140.6100 yen)

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