Nissan Shares Down on Dismal Q3
Automaker cites stiffening competition as it adjusts annual sales forecast.
The company adjusted its full-year forecast from 3.7 million in sales to 3.6 million.
IMAGE: Nissan
Nissan’s third-quarter results were well off expectations, with $948 million in operating profit, or a 4.6% margin, the Japanese automaker reported.
The news sent its shares falling 12% Friday in their deepest dive in more than 20 years, according to a Reuters report.
The profit results were off an analyst consensus estimate by a fifth, Reuters said.
The company adjusted its full-year forecast from 3.7 million in sales to 3.55 million, citing “temporary logistics disruption and intensifying competition.” The obvious rival market is China.
“However, the company is maintaining an unchanged outlook for its financial performance,” it said in a statement on the results, “reflecting the impact on revenues and profit from updated foreign exchange assumptions.”
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Originally posted on Auto Dealer Today
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