Nissan Q2 Financial Report Announced: Have A Billion, But Not Satisfied
AshleyJul 26, 2024, 11:25 AM
Recently, Nissan released its first quarter financial report for the fiscal year 2024 (calendar year April to June). The financial report shows that the consolidated net revenue for this quarter is 2.998 trillion yen, an increase of 80.7% year-on-year.
The consolidated operating profit is approximately 1 billion yen, a year-on-year decrease of 127.6%. The operating profit margin is 0%, a year-on-year decrease of 4.4 percentage points. The net profit is about 28.6 billion yen, a year-on-year decrease of 76.9%, much lower than the market estimate of 97.08 billion yen, which also caused Nissan's stock price to suffer a heavy blow, with a mid-session decrease of more than 9%.
In terms of sales, Nissan's global sales this quarter were 787,000 units (from April to June), which was flat compared to the same period last year. But due to fierce sales competition and inventory optimization, sales incentives and marketing costs had increased, affecting the profit, especially in the U.S. market.
Nissan stated that due to the launch of new models and mass-produced models, sales and profits are expected to improve in the second half of the year. Nissan expects that the net sales for the year will reach 14 trillion yen (previously estimated at 13.6 trillion yen), the global car sales for the full year will be 3.65 million units (previously estimated at 3.7 million units), and the output will be 3.45 million units.
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