Summary Box: Nissan profit to fall, but sales up

AP News
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Posted: Jun 23, 2011 4:47 PM
Summary Box: Nissan profit to fall, but sales up

PROFIT AND SALES: Nissan is forecasting a 15.4 percent drop in profit for the fiscal year through March 2012 because of production disruptions from the March earthquake and tsunami in Japan and an unfavorable exchange rate. But it expects the number of vehicles it sells around the world to rise 9.9 percent to 4.6 million vehicles. Sales are expected to edge up 7.1 percent to 9.4 trillion yen ($117.5 billion).

U.S. MARKET SHARE: President and Chief Executive Carlos Ghosn said Thursday that Nissan hopes to boost market share in the U.S. from the current 9 percent to 10 percent, seeing that as "a milestone." But he acknowledged that won't be reached this fiscal year because of supply shortages caused by the disaster.

ON THE REBOUND: The maker of the March subcompact, Leaf electric vehicle and Infiniti luxury models said production was disrupted by a parts shortage after the quake and tsunami destroyed key suppliers. But it has mostly recovered and will be back to normal by October, according to Nissan.