Nissan cuts profit outlook as recalls add to costs

TOKYO (AP) — Japan's second-biggest automaker, Nissan Motor Co., has cut its earnings forecast to reflect tougher than expected conditions in many markets and expensive recalls.

Nissan President and Chief Executive Carlos Ghosn said in a video statement released Friday that the recalls and slowdowns in key emerging markets such as Russia and Indonesia took a toll.

The company posted a 6.8 percent increase in July-September net profit to 189.8 billion yen ($1.9 billion) from 177.7 billion yen a year earlier.

The company cut its earnings outlook for the full fiscal year by 15.5 percent to 355 billion yen ($3.6 billion).

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