UPDATE: Nissan Posts Higher Q1 Profit

Nissan Motor Co

reported a 13.4% gain in its first-quarter operating profit. The Japan's second-biggest car maker posted a quarterly operating profit of 122.6 billion yen ($1.20 billion), beating analysts' estimates of 109.1 billion yen. Its revenue climbed 11% to Y2.47 trillion in the quarter. Nissan's vehicle sales in the quarter surged 14.1% to about 350,000 vehicles in the United States, while global sales climbed 6% to 1.24 million. Nissan's sales in Japan declined 2.7%, while sales in Asia surged 19.1% in the quarter. Its average incentive offering per vehicle came in at $2,323 for the quarter, TrueCar reported. For the financial year ending March 2015, the company stuck with an operating profit outlook of 535 billion yen. Nissan's operating margin was 4.8% in the last financial year. Nissan shares fell 0.82% to close at $19.44 on Friday.