Nissan raises earnings forecast after sales rises in US, Europe and cheap yen boosts revenue

MarketsAssociated Press

Nissan raised its earnings forecast for the fiscal year after reporting a nearly 21 percent jump in quarterly profit.

The Japanese automaker said Monday that sales were strong in the U.S. and Europe and the cheap yen boosted overseas revenue.

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Nissan Motor Co. reported a better-than-expected 101.8 billion yen ($856 million) net profit for October-December. Quarterly sales surged about 17 percent to 2.94 trillion yen ($24.7 billion).

The automaker said improved sales in the U.S. and Europe offset a decline at home in Japan.

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.