Nissan Net Income At 80.1 Billion Yen In Third Quarter

YOKOHAMA - Nissan Motor Co., Ltd., today announced financial results for the third quarter of fiscal year 2010, ending March 31, 2011, as well as the first nine months. In the third quarter, the consolidated net income totaled 80.1 billion yen (US $970 million, euro 710 million), an increase of 35.1 billion yen compared with the same period last year.

Net revenues were 2.1028 trillion yen (US $25.43 billion, euro 18.74 billion), up 5.3% compared with a year ago. Operating profit was 114 billion yen (US $1.38 billion, euro 1.02 billion), and operating profit margin came to 5.4%. Ordinary profit was 141.1 billion yen (US $1.71 billion, euro 1.26 billion).

“Our financial results are evidence that Nissan continues to deliver solid performance,” said Nissan President and CEO Carlos Ghosn. “Though we foresee risks in rising commodity prices and exchange rate volatility in the fourth quarter, we will continue to deliver good results while remaining focused on our strategies to pursue profitable growth.”

In the April-to-December 2010 period, Nissan’s net income after tax totaled 288.4 billion yen (US $3.32 billion, euro 2.55 billion). Net revenues were 6.4218 trillion yen (US $73.98 billion, euro 56.68 billion), up 19.4% compared with a year ago. Operating profit was 448.9 billion yen (US $5.17 billion, euro 3.96 billion), and operating profit margin came to 7.0%. Ordinary profit was 456.2 billion yen (US $5.26 billion, euro 4.03 billion).

Nissan sold 3,018,000 vehicles in the first nine months, up 20.5% compared with the same period last year.

In fiscal year 2010, Nissan will launch 10 all-new products globally. The affordable, 100% electric, zero-emission Nissan LEAF began sales in the United States and Japan from December 2010 and will be followed by launches in several countries in Europe early this year.

Based on a foreign-exchange rate assumption of 80.9 yen/dollar and 110.2 yen/euro for the fourth quarter of fiscal year 2010, the revised average rates will be 85.4 yen/dollar and 112.5 yen/euro for fiscal year 2010. Nissan has revised upward its full-year forecast for fiscal 2010 and filed the following forecast with the Tokyo Stock Exchange for the fiscal year ending March 31, 2011:

* Net revenues of 8.8 trillion yen (US $103.04 billion, euro 78.22 billion);
* Operating profit of 535 billion yen (US $6.26 billion, euro 4.76 billion);
* Ordinary profit of 530 billion yen (US $6.21 billion, euro 4.71 billion);
* Net income of 315 billion yen (US $3.69 billion, euro 2.80 billion);
* Capital expenditures of 340 billion yen (US $3.98 billion, euro 3.02 billion); and
* R&D expenses of 425 billion yen (US $4.98 billion, euro 3.78 billion).

Note 1: On Nov. 4, 2010, Nissan had filed the following forecast with the Tokyo Stock Exchange, based on foreign-exchange rates of 84.4 yen/dollar and 111.9 yen/euro, for the fiscal year ending March 31, 2011:

* Net revenues of 8.77 trillion yen (US $103.91 billion, euro 78.37 billion);
* Operating profit of 485 billion yen (US $5.75 billion, euro 4.33 billion);
* Ordinary profit of 450 billion yen (US $5.33 billion, euro 4.02 billion);
* Net income of 270 billion yen (US $3.2 billion, euro 2.41 billion);
* Capital expenditures of 340 billion yen (US $4.03 billion, euro 3.04 billion); and
* R&D expenses of 425 billion yen (US $5.04 billion, euro 3.8 billion).

Note 2: For the first nine months financial results, amounts in dollars and euros are translated for the convenience of the reader at the foreign-exchange rates of 86.8 yen/dollar and 113.3 yen/euro, the average rates for the first nine months of the fiscal year ending March 31, 2011. For the third-quarter results, amounts are based on 82.7 yen/dollar and 112.2 yen/euro, the average rates for the three months from October to December 2010.