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Nissan Motor Co Ltd ADR - Stock Quote NSANY

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Morningstar's Nissan Motor Co Ltd ADR Stock Analysis

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Despite Headwinds, Nissan Q4 Shows Turnaround Progress, Initiates Fiscal 2022 Guidance

Richard Hilgert Senior Equity Analyst

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.

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Nissan Motor Co Ltd ADR's Company Profile

Business Description

While Nissan annually sells about 4 million vehicles, total calendar 2021 Renault-Nissan-Mitsubishi alliance sales volume of 7.9 million vehicles makes the alliance the third-largest vehicle group in the world, behind Toyota at 10.5 million and Volkswagen at 8.6 million vehicles sold. Nissan's financial services subsidiary provides consumers with auto loans and leases. In addition, the subsidiary also finances Nissan's sales to its dealerships (known as floor-plan financing). Nissan is 43.4% owned by French automaker Renault, while Nissan in turn owns 15% of Renault. Nissan also has a controlling 34% interest in Mitsubishi Motors.

1-1, Takashima 1-chome, Nishi-ku, Yokohama-shi
Kanagawa, 220-8686, Japan
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Dec 31, 2021
Fiscal Year End Mar 31, 2022
Stock Type
Employees 147,553

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