Key Takeaways:
- Nissan reported net profit of ¥3.76B for the June quarter, its first in two years
- Operating income hit ¥77.9B, far above the ¥7.5B consensus estimate
- Full-year operating profit forecast held at ¥200B despite lower sales projection
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Nissan swings to ¥3.76B profit, first quarterly gain in two years
Nissan Motor reported net profit of ¥3.76 billion for the June quarter, its first in two years, beating the ¥3.65 billion loss expected.
The turnaround reflects cost-control measures and a weaker yen that offset lower global sales volumes and higher raw material prices, the company said in its earnings release.
Operating income totaled ¥77.9 billion ($497 million), compared with a median forecast of ¥7.5 billion profit in a poll of eight analysts by LSEG and a ¥79.1 billion loss a year earlier. The yen traded at about ¥156.75 per dollar during the quarter.
Nissan kept its full-year operating profit forecast at ¥200 billion but lowered its vehicle sales projection for the fiscal year. Shares traded down 3.33 percent on the Tokyo Stock Exchange.
The results mark a milestone for Japan's fourth-largest automaker, which has taken a series of restructuring steps to cut costs and address falling sales, including selling its headquarters in Yokohama. The company posted a net loss of ¥115.76 billion in the same quarter a year earlier, making the swing to profitability a significant improvement.
Nissan's operating profit has now been positive for four consecutive quarters, driven by disciplined cost management and favorable currency effects. The weaker yen boosts the value of overseas earnings when converted back to yen, providing a tailwind for Japanese exporters across the auto sector.
The company's decision to maintain its ¥200 billion full-year operating profit target while lowering its vehicle sales projection suggests management expects margin improvements to compensate for lower volumes. Toyota and Honda face similar pressures in the Japanese auto market as global demand softens and competition intensifies from Chinese electric vehicle makers.
The profit recovery gives Nissan breathing room as it navigates a challenging global auto market. Investors will watch upcoming quarterly results to see whether the cost-cutting momentum can be sustained through the fiscal year.
This article is for informational purposes only and does not constitute investment advice.
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