TOKYO, Feb 12 (Reuters) - Nissan Motor reported a 44% fall in third-quarter operating profit to 17.5 billion yen ($114.37 million) on Thursday, as the struggling Japanese automaker faced heavy
Nissan Reduces Full-Year Loss Forecast Amid Turnaround Progress
Nissan's Financial Outlook and Turnaround Strategy
TOKYO, Feb 12 (Reuters) - Nissan sharply trimmed its outlook for a full-year loss on Thursday after reporting a surprise profit in the third-quarter, in a sign the troubled Japanese automaker's turnaround is gaining traction.
The automaker is struggling to right itself after years of turmoil. Under CEO Ivan Espinosa it has laid out a sweeping turnaround plan that includes reducing its global manufacturing footprint and cutting its workforce by 15%.
It now expects an operating loss of 60 billion yen ($390 million) for the year to the end of March, compared with its previous outlook for a 275 billion yen shortfall.
Third-Quarter Profit Analysis
Espinosa told an earnings briefing that the automaker remained committed to fiscal discipline.
Impact of U.S. Tariffs on Profit
It reported a 44% fall in operating profit to 17.5 billion yen for the October-December quarter, reflecting strong headwinds from U.S. tariffs.
CEO's Commitment to Fiscal Discipline
That was, however, better than the 81 billion yen loss in forecast by six analysts in survey by LSEG. Nissan reported a 31.1 billion yen profit in the same period a year earlier.
($1 = 153.0100 yen)
(Reporting by Daniel Leussink; Editing Neil Fullick, David Dolan and Edwina Gibbs)
