Nissan’s Q3 operating profit more than doubles, outstrips expectations

TOKYO (Reuters) – Japan’s Nissan Motor Co on Thursday posted a better-than-expected 155% jump in third-quarter operating profit, boosted by a weaker yen and cost management.

Operating profit for the three months ended Dec. 31 came to 133.1 billion yen ($1.01 billion), beating the average 104.79 billion yen profit estimated by nine analysts, according to Refinitiv data. That compared to a 52.2 billion yen profit in the same period a year earlier.

The Yokohama-based automaker maintained its forecast for an operating profit of 360 billion yen for the year to March 31, helped by a weaker yen that bolsters the value of overseas sales.

Nissan and Renault SA said on Monday the Japanese automaker will invest a stake of up to 15% in the French firm’s new electric vehicle unit, Ampere, as part of a long-anticipated agreement to revamp their alliance.

Nissan shares closed down 0.1% at 472.7 yen earlier in the day, before the company reported earnings.

($1 = 131.2600 yen)

(Reporting by Daniel Leussink; Editing by David Dolan)