Both Nissan and Mazda on Thursday held steady their earnings forecasts for the fiscal year started April despite posting slight revenue growth in the April- June quarter, underlining the automakers’ cautious outlook, Dow Jones reported.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The news agency said the companies’ conservative views reflect signs of decreasing demand from the US market at a time when the car market back home in Japan remains sluggish. Japanese car exports to the US decreased 2.3% in June, the second straight month of falls, Dow Jones noted, citing industry data.
Ford affiliate Mazda group revenue came to Y571.94 billion in the quarter, an increase of 10% from Y517.90 billion a year earlier, Dow Jones said, representing 24% of its targeted revenue of Y2.42 trillion for the current fiscal year ending March 2004.
Nissan reported group revenue of Y1.65 trillion for the April-June quarter, but didn’t give a year-on-year comparison because it has just started to record quarterly earnings, the report added.
Renault affiliate Nissan said it sold 700,215 cars worldwide in the period, an increase of 2.7% from a year earlier, Dow Jones added, noting that neither Mazda nor Nissan provided profit figures for the April-June quarter.
Dow Jones said Nissan’s exports to the US increased 7.6% year on year to 200,706 units during the quarter, while sales in Japan dropped 5.9% to 169,786 units in the same period.
