Analyst Note
| Richard Hilgert |No-moat rated Nissan reported fiscal fourth-quarter 2021 (fiscal year 2021 ended March 2022) earnings per share of JPY 3.62, missing the FactSet consensus EPS of JPY 4.07 by JPY 0.45 but JPY 24.31 higher than the JPY 20.69 loss per share reported in the year ago period. While automotive revenue declined by 12% to JPY 2.02 trillion, consolidated volume plunged 24% to 608,091 vehicles. The revenue percent change outperformed volume as average revenue per unit improved 16%. Pricing, mix, and favorable currency were partially offset by the Ukraine crisis, chip shortage, and China COVID-19 lockdowns. Consolidated revenue of JPY 2.271 trillion also missed consensus of JPY 2.555 trillion. Operating profit was JPY 56.0 billion versus a JPY 19.0 billion operating loss a year ago as turnaround efforts were partially offset by higher costs including raw materials, energy, logistics, and other inflationary pressures.