News
Nissan reports third-quarter results for fiscal 2023
YOKOHAMA, Japan – Nissan Motor Co., Ltd. today announced financial results for the third quarter and nine months ended December 31, 2023.
Financial highlights from April to December
In 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 operating profit margin was 5.2%. Net profit1 for the nine months was 325.4 billion yen.
Period performance improved year over year and the company remains on track for year-round profitable growth, reflecting the steady progress made during the Nissan NEXT business transformation plan. The increase in revenues and operating profit was primarily driven by improved unit sales and price optimization in our key regions.
The following table summarizes Nissan’s financial results for the first nine months of fiscal 2023, calculated under the equity method for Nissan’s joint venture in China.
TSE report basis – China JV capital basistwo
| Yen in billions | FY22, Q3 YTD | FY23, Q3 YTD | Variance vs EF22 |
| 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 |
| Normal profit | 380.4 | 540.1 | +159.7 |
| Net profit1 | 115.0 | 325.4 | +210.3 |
Based on average exchange rates of JPY 143/USD and JPY 155/EUR for FY 2023, Q3 FY
On a pro-forma management basis, which includes the proportional 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
In 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 of 4.6%.
The following table summarizes Nissan’s financial results for the three-month period, calculated using the equity method for the group’s joint venture in China.
TSE report basis – China JV capital basistwo
| Yen in billions | Exercise 22, third quarter | Exercise 23, third quarter | Variance vs EF22 |
| Net Revenue | 2,837.4 | 3,108.1 | +270.6 |
| Operating profit | 133.1 | 141.6 | +8.5 |
| Net profit1 | 50.6 | 29.1 | -21.4 |
Based on average exchange rates of JPY 148/USD and JPY 159/EUR for Q3 FY23
Outlook for fiscal year 2023
Nissan adjusted its full-year sales volume forecast from 3.7 million to 3.55 million units due to temporary disruptions in logistics and intensified competition. However, the company maintains an unchanged outlook for its financial performance, reflecting the impact on revenue and profits from the updated currency assumptions.
TSE report basis – China JV capital basistwo
| Yen in billions | Previous Outlook for FY23 | Revised Outlook for FY23 | Variance vs Prior Perspective |
| Net Revenue | 13,000 | 13,000 | – |
| Operating profit | 620.0 | 620.0 | – |
| Net profit1 | 390.0 | 390.0 | – |
Based on average exchange rates of JPY 144/USD and JPY 156/EUR for the revised outlook for FY23
1 Net profit attributable to the owners of the parent company
2 Since the beginning of fiscal year 2013, Nissan has reported equity method values for its joint venture with Dong Feng in China. Although the disclosure of net income remains unchanged under this accounting method, the equity income statements no longer include Dong Feng-Nissan’s results in revenue and operating profit.
To learn more about Nissan’s financial performance, visit https://www.nissan-global.com/EN/IR/FINANCIAL/
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Contact
Shiro Nagai or Joanne Teo
+81 (0)45-523-5552
nissan_japan_communications@mail.nissan.co.jp