Nissan Earnings: Results As Guided but Fiscal 2024 Outlook Indicated Continuous Cost Pressure

No-moat-rated Nissan reported fiscal fourth-quarter 2023 (ended March 31, 2024) earnings per share of JPY 31.37, in line with the company’s lowered guidance if excluding litigation impact, and up 15% from the JPY 27.28 reported a year ago. Increased volume, pricing, and favorable currency movement during the period supported revenue growth. However, inflationary cost pressure and the China joint venture's equity loss offset consolidated volume gains, leading to a 5% year-over-year decrease in the quarter’s net income.