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Nissan logs $4.1-billion profit for fiscal year

Keywords: Tags  Nissan Motor, vehicle sales, Carlos Ghosn, quarterly results, automaker, Renault, Daimler, Ford Motor Corinna Petry

CHICAGO Nissan Motor Co. Ltd. recorded a profit of 342 million yen ($4.1 billion) on revenues of 9.63 trillion yen ($116.2 billion) for its fiscal year ended March 31. Profits rose 0.3 percent on sales that grew 2.3 percent compared with fiscal 2011.

“(The year) was marked by both successes and challenges for Nissan,” president and chief executive officer Carlos Ghosn said in a May 10 statement. “We have taken measures that will enable us to navigate the headwinds that lie ahead and resume significant growth.”

Sales in the United States rose 5.4 percent to 1.14 million units. The company expects U.S. sales will rise 11.6 percent to 1.27 million units in fiscal 2013, Ghosn told investors on an earnings call.

Meanwhile, global vehicle sales reached a record high of 4.91 million units, up 1.4 percent over the prior year. Nissan expects sales to rise 7.8 percent to 5.3 million units in 2013, as the automaker plans to launch several new vehicles.

“We have a strategy in place to achieve an 8-percent global market share and a sustainable 8-percent operating profit margin by fiscal year 2016,” Ghosn said.

Nissan has leveraged its industry partnerships to optimize investments, reduce costs, enhance efficiencies and boost sales. For example, its alliance with Boulogne-Billancourt, France-based Renault SA delivered Û2.6 billion ($3.4 billion) in synergies in fiscal 2012, Ghosn said.

Four months ago, the Yokohama, Japan-based company announced a fuel-cell technology collaboration with Stuttgart, Germany-based Daimler and Dearborn, Mich.-based Ford Motor Co. “Our goal is to accelerate the launch of the world’s first affordable, mass-market fuel cell electric vehicles by as early as 2017,” Ghosn said.

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