Nissan Cuts Guidance After Operating Profit Falls 70%
Japanese automaker Nissan Motor (OTC: NSANY) said that its operating profit plunged 70% in the quarter ended Sept. 30, to 30 billion yen ($278 million), due to lower sales, higher costs, and unfavorable exchange-rate movements. The company cut its guidance for the full fiscal year on growing concerns about sales volumes and exchange rates.
But Nissan wanted investors to note that its financial performance in the important North America market is improving, even as sales have fallen.
Like many Japanese companies, Nissan uses a fiscal year that begins on April 1 and ends on March 31. The quarter that ended on Sept. 30 was the second quarter of Nissan's 2019 fiscal year.
Source Fool.com
