Nissan reports third quarter results for fiscal year 2023

Itumeleng Garebatshabe
By Itumeleng Garebatshabe 206 Views 3 Min Read
3 Min Read

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 income for the nine months was 325.4 billion yen.

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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 billionsFY22 Q3 YTDFY23 Q3 YTDVariance vs FY22
Net Revenue7,499.79,171.4+1,671.7
Operating profit289.7478.4+188.7
Operating margin %3.9%5.2%1.3 percentage points
Ordinary profit380.4540.1+159.7
Net income115.0325.4+210.3

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 billionsFY22 Q3FY23 Q3Variance vs FY22
Net Revenue2,837.43,108.1+270.6
Operating profit133.1141.6+8.5
Net income50.629.1-21.4

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 billionsPrevious FY23 outlookRevised FY23 outlookVariance vs previous outlook
Net Revenue13,00013,000
Operating profit620.0620.0
Net income390.0390.0
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Itumeleng is the Managing Editor of The Auto Magazine. He is a tech and car enthusiast