Nissan reports third quarter results for fiscal year 2023

Nissan Motor Co., Ltd. today announced financial results for the third quarter and nine months ended December 31, 2023.

 April-December financial highlights

For the first nine months of the fiscal year, consolidated net revenue was 9.171 trillion yen, consolidated operating profit was 478.4 billion yen, and the operating profit margin was 5.2%. Net income1 for the nine months was 325.4 billion yen.

Performance for the period improved year-over-year and the company remains on course for full-year profitable growth, reflecting steady progress achieved during the Nissan NEXT business transformation plan. The increase in revenues and operating profit was driven primarily by improved unit sales and optimized pricing in our key regions.

The following table summarizes Nissan’s financial results for the first nine months of fiscal 2023, calculated under the equity accounting method for Nissan’s China joint venture.

 TSE report basis – China JV equity basis

Yen in billions    FY22 Q3 YTD      FY23 Q3 YTD      Variance vs FY22

Net Revenue     7,499.7  9,171.4 +1,671.7

Operating profit               289.7     478.4     +188.7

Operating margin %       3.9%      5.2%      1.3 percentage points

Ordinary profit 380.4     540.1     +159.7

Net income1      115.0     325.4     +210.3

Based on average foreign exchange rates of JPY 143/USD and JPY 155/EUR for FY23 Q3 YTD

On a management pro forma basis, which includes the proportionate consolidation of results from Nissan’s joint venture operation in China, operating profit was 487.1 billion yen, equivalent to an operating margin of 5.0%.

Third-quarter financial highlights

For the three-month period to December 31 2023, consolidated net revenue was 3.108 trillion yen, consolidated operating profit was 141.6 billion yen, representing an operating profit margin was 4.6%.

The following table summarizes Nissan’s financial results for the three-month period, calculated under the equity accounting method for the group’s China joint venture.

TSE report basis – China JV equity basis

Yen in billions    FY22 Q3               FY23 Q3               Variance vs FY22

Net Revenue     2,837.4  3,108.1 +270.6

Operating profit               133.1     141.6     +8.5

Net income1      50.6        29.1       -21.4

Based on average foreign exchange rates of JPY 148/USD and JPY 159/EUR for FY23 Q3

FY2023 outlook

Nissan has adjusted its forecast for full-year sales volume from 3.7 million to 3.55 million units due to temporary logistics disruption and intensifying competition. However, the company is maintaining an unchanged outlook for its financial performance, reflecting the impact on revenues and profit from updated foreign exchange assumptions.

 TSE report basis – China JV equity basis

Yen in billions    Previous FY23 outlook   Revised FY23 outlook    Variance vs previous outlook

Net Revenue     13,000   13,000   –

Operating profit               620.0     620.0     –

Net income1      390.0     390.0     –

Based on average foreign exchange rates of JPY 144/USD and JPY 156/EUR for the revised FY23 outlook