Nissan reports third quarter results for fiscal year 2023

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Nissan Motor Co., Ltd. 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 mar

gin 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 f

or 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 basis2

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 basis2

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 basis2

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

1 Net income attributable to owners of the parent

 

2 Since the beginning of fiscal year 2013, Nissan has reported figures calculated under the equity method accounting for its joint venture with Dong Feng in China. Although net income reporting remains unchanged under this accounting method, the equity-accounting income statements no longer include Dong Feng-Nissan’s results in revenue and operating profit.

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