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Nissan lowers 2012 outlook as earnings decline

Keywords: Tags  Nissan Motor, first-half earnings, Toshiyuki Shiga, Corinna Petry

CHICAGO — Nissan Motor Co. Ltd. boosted both production volumes and sales in North America during the first half of its fiscal year.

Nissan manufactured 646,000 vehicles in North America during the six months ended Oct. 30, up nearly 15.2 percent from 561,000 in the same period last year, while global output rose 11.3 percent to 2,475,000 vehicles.

The automaker posted fiscal first-half net income of 178.3 billion yen ($2.22 billion), down 2.8 percent from 183.4 billion yen a year earlier despite a 4.1-percent increase in sales to nearly 4.55 trillion yen ($56.63 billion). North American revenue rose 12 percent to more than 1.69 trillion yen ($21.09 billion) but operating earnings fell 31.6 percent to 90.7 billion yen ($1.13 billion).

"Nissan has delivered solid results in the (fiscal) first half despite the continued appreciation of the yen, particularly difficult conditions in Europe and signs of slowing growth in China," chief operating officer Toshiyuki Shiga said in a statement Tuesday. Nissan is partnered with France’s Renault.

Given the overvalued yen, the disrupted selling environment in China resulting from political demonstrations and the challenging economic environment in Europe, Nissan revised its full-year 2012 guidance to 5.08 million vehicles, down 5 percent from an earlier forecast of 5.35 million units, Shiga said. "In addition, in contrast to the previous outlook for operating profit, due to the impact of the strong yen, China and market conditions in Europe, we expect a 125-billion-yen decrease in earnings."

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