Nissan Wins This Quarter with 5 Percent Profit Growth

May 12, 2014 01:39 PM EDT | Jordan Ecarma

Rising sales worldwide boosted Nissan's profit for a 5 percent rise this quarter, while a favorable exchange rate with a weaker yen also helped the carmaker.

On Monday, the company reported a profit of 14.9 billion yen, or $1.1 billion, a jump from 109.7 billion yen the previous year, while sales for the quarter increased more than 20 percent to 3.2 trillion yen, or $31 billion, The Associated Press reported.

Nissan's recent profits have surpassed its own projections as well as estimates from industry analysts. The company sold 5.2 million vehicles worldwide in the fiscal year that ended in March, Nissan sales accounting for around 6.2 percent of the global car market.

The Japanese automaker, which is based in Yokohama, predicts continued growth for the fiscal year and expects its sales to outpace the rest of the industry, according to CEO Carlos Ghosn, as reported by the AP.

Ghosn called the figures "satisfactory" but said Nissan has more to prove.

"This means pursuing profitable growth opportunities, focusing relentlessly on quality and enhancing our sales power," he told the AP.

The carmaker expects to sell 5.65 million vehicles in the fiscal year running through March 2015. Fulfilling this goal would increase Nissan's global market share to 6.7 percent.

Sales may continue to rise, but the yen likely won't boost Nissan sales too much further. During the past fiscal year, the weakened currency was passed up by the dollar, which reached around 100 yen, but the American dollar is unlikely to keep increasing at that rate.

Nissan's sales have topped the industry growth rate in nearly every market and were particularly solid in China and the U.S. For the fiscal year through March 2014, sales increased 17 percent to 1.27 million vehicles in China, while Nissan sales grew 13 percent in the U.S. to 1.29 million vehicles in the same period.

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