Nissan Earnings: Firm Reports Impressive Results and Increases Guidance Again

No-moat-rated Nissan reported fiscal second-quarter 2023 earnings per share of JPY 48.71, blowing past the JPY 22.26 FactSet consensus, and up JPY 38.12 from the JPY 10.59 reported a year ago as supply chain disruptions improved, and turnaround progress continued. While automotive revenue jumped 27% to JPY 2.87 trillion, consolidated volume was 27% higher on virtually flat average revenue per unit. Increased volume, better pricing, improved mix, and favorable currency supported revenue growth. The 5-star-rated Nissan shares currently trade at a compelling 57% discount to our unchanged JPY 1,490 fair value estimate.