Japanese automaker Nissan Motor increased revenue in the first fiscal quarter and posted its first quarterly net profit in two years.
According to a Nissan press release, net profit for April-June was 3.76 billion yen ($24 million), compared with a loss of 115.76 billion yen in the same period a year earlier. Analysts polled by Quick had on average forecast a loss of 3.65 billion yen.
Operating profit came in at 77.89 billion yen, versus an operating loss of 79.12 billion yen a year earlier.
Quarterly revenue rose 9.5% to 2.96 trillion yen.
Nissan's vehicle sales in the quarter fell to 701,000 units from 707,000 in the first quarter of the previous fiscal year.
During the reporting period, the company saved an additional 60 billion yen thanks to its Re:Nissan business recovery plan, which includes job cuts and reducing the number of plants.
Nissan confirmed its forecast for the current fiscal year, which calls for revenue of 13 trillion yen, operating profit of 200 billion yen, and net profit of 20 billion yen. The sales forecast was cut to 3.15 million vehicles from 3.3 million, mainly due to a tougher market environment in China.
The automaker's shares fell 3.3% in trading on Monday. The results were released after the market closed.