Nissan Earnings: Results Disappoint but Maintains Fiscal Year Guidance

No-moat-rated Nissan reported fiscal third-quarter 2023 earnings per share of JPY 7.54, well below the JPY 15.51 FactSet consensus, and down JPY 27.44 from the JPY 34.98 reported a year ago as supply chain disruptions, inflationary cost pressures, lower China joint venture equity income, and unfavorable mix offset consolidated volume gains. While automotive revenue rose 9% to JPY 2.87 trillion, consolidated volume was 15% higher with a 5% decline in average revenue per unit. Increased volume, pricing, and favorable currency supported revenue growth.