Nissan Motor expects 38% full-year profit

Japan’s Nissan Motor said on Thursday that it expects profit to rise 38 percent this year, a rosier prospect for the automaker after years of setbacks that included a strained alliance with partner Renault.

The company beat analysts’ expectations, raising profit expectations for the coming year to 520 billion yen on the back of a stronger sales forecast, in its 2022 full year results announcement this morning.

Nissan sees operating profit rising to 520 billion in the financial year that started last month, compared with an average profit forecast of 396.21 billion yen in a poll of 19 analysts by Refinitiv.

Makoto Uchida, Nissan’s CEO said that although the business environment in 2023 is “expected to become even more challenging,” the company is aiming to “improve profitability through the product competitiveness and profit structure…”

Nissan’s operating profit for the three months ended on March 31 came to 87.4 billion yen, versus the 89.81-billion-yen average forecast in a poll of 11 analysts. It also compares to a 56-billion-yen profit in the same period a year earlier.