Nissan announces its first quarter financial results for the three months to June 30, 2017. Wayne Gerdes – CleanMPG – July 27, 2017 Nissan generated an operating profit of $1.385 billion USD on net revenues of $25 billion USD. Overall, results were in line with the company's expectations for the first quarter and the company expects improved profitability for the remainder of the year driven by its product cadence. Fiscal Year 2017 First Quarter Financial Highlights The following table summarizes Nissan's financial results for the three-month period to June 30, 2017, calculated under the equity accounting method for the Group's China joint venture. Operating profits declined 12.8% compared to the prior year primarily due to the conditional change resulting from the divestiture of Calsonic Kansei, rising raw material costs, and adverse foreign exchange impacts. Net income was down 1.1%. On a management pro forma basis, which includes the proportionate consolidation of results from Nissan's joint venture operation in China, operating profit was $1.678 billion USD on net revenues of $270 billion USD, representing a margin of 6.1%. Sales performance For the first quarter, Nissan total unit sales were 1.351 million units, an increase of 5%. In the U.S., Nissan's sales increased 1.2% to 403,000, equivalent to a market share increase of 0.4 points to 9.1%, amid continued demand for SUVs including the Rogue and recently launched Rogue Sport. Nissan unit sales in China, which reports figures on a calendar year basis, increased 5.3% to 314,000 units. The market share in China was flat at 4.7% for the quarter. In Europe, including Russia, Nissan's sales totaled 185,000 units, an increase of 1.1%. Excluding Russia, Nissan's sales decreased 0.2% to 162,000 units due primarily to planned model changeovers. Nissan's market share in Europe was flat at 3.6%. In other markets, including Asia and Oceania, Latin America, the Middle East and Africa, Nissan's sales increased 1.2% to 188,000 units despite volatile demand in some markets. Nissan Outlook As previously stated this past May, the company expects to sell 5.83 million units in fiscal 2017 as models such as the Rogue Sport, refreshed Qashqai and X-Trail, Kicks, Navara, and the all-new Nissan LEAF are expected to contribute to sales growth for the year as a whole. Given this outlook, the company has maintained its fiscal-year forecasts. Calculated under the equity accounting method for Nissan's joint venture in China, the forecasts for the fiscal year ending March 31, 2018 remain: Nissan FY17 Outlook – China JV equity basis Net revenue - $106.7 billion USD Operating profit - $6.19 billion USD Net income - $4.8 billion USD Nissan also continues to forecast a 10.4% increase in the dividend to $0.48 (USD)/share for fiscal year 2017. All figures converted from Yen to USD at the exchange rate of 0.0090 Yen/dollar.