Nissan has reported a fall of 34.6% in consolidated net income for the quarter ended December 31, blaming difficult operating conditions in Europe, China and the US.
In Nissan's fiscal third quarter (October-December 2012), consolidated net income after taxes totalled 54.1 billion yen (US$670 million, euro 510 million), a year-on-year decline of 34.6%. Third quarter net revenue was 2.2084 trillion yen (US$27.23 billion, euro 21.01 billion), down 5.3% year-on-year. Nissan reported an operating profit of 62.1 billion yen (US$770 million, euro 590 million), down 47.4% compared to the same period in FY2011, and an operating profit margin of 2.8%.?
Nissan also sold 1.159m vehicles worldwide in the October-December quarter, a 3.8% decrease compared to the prior year.
"Nissan's performance in the third quarter did not meet our expectations. This was primarily the result of difficult operating conditions in Europe for the entire auto industry, in China for Japanese automakers, and in the US for Nissan," said Nissan President and CEO Carlos Ghosn.?
Ghosn said that the company is taking action to bring about a resumption of growth. ?We have taken action to reignite our sales momentum and growth under the Nissan Power 88 business plan. Looking forward, we have important vehicle launches. We anticipate further yen correction. We have made swift organisational changes to help stimulate our business performance. And we remain confident that we will meet our full-year outlook."
Nissan's forecast for the full fiscal year ending March 31, 2013, is unchanged. Nissan has forecast full fiscal year operating profit outlook of 575 billion yen (US $7.21 billion, euro 5.65 billion) and net income of 320 billion yen (US $4.02 billion, euro 3.14 billion).?
In November of last year, Nissan revised its expectations for the year down due to the "strong yen, disruption in China and deteriorating market conditions in Europe".
Show the press release
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NISSAN NET INCOME AT 54.1 BILLION YEN IN FY2012 THIRD QUARTER
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YOKOHAMA, Japan ? Nissan Motor Co., Ltd., today announced financial results for the third quarter of fiscal year 2012, ending March 31, 2013, as well as for the first nine months.
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In the third quarter (October-December 2012), the consolidated net income after taxes totaled 54.1 billion yen (US$670 million, euro 510 million), a year-on-year decline of 34.6%. Third quarter net revenue was 2.2084 trillion yen (US$27.23 billion, euro 21.01 billion), down 5.3% year-on-year. Nissan reported an operating profit of 62.1 billion yen (US$770 million, euro 590 million), down 47.4% compared to the same period in FY2011, and an operating profit margin of 2.8%. Ordinary profit was 89.0 billion yen (US$1.10 billion, euro 850 million).?
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Nissan sold 1.159 million vehicles worldwide in the October-December quarter, a 3.8% decrease compared to the prior year.
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"Nissan's performance in the third quarter did not meet our expectations. This was primarily the result of difficult operating conditions in Europe for the entire auto industry, in China for Japanese automakers, and in the U.S. for Nissan," said Nissan President and CEO Carlos Ghosn. ?We have taken action to reignite our sales momentum and growth under the Nissan Power 88 business plan. Looking forward, we have important vehicle launches. We anticipate further yen correction. We have made swift organizational changes to help stimulate our business performance. And we remain confident that we will meet our full-year outlook."
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For the nine months ending December 31st, 2012, Nissan reported consolidated net revenues of 6.7552 trillion yen (US$84.44 billion, euro 66.23 billion) and an operating profit of 349.2 billion yen (US$4.37 billion, euro 3.42 billion), which equates to an operating margin of 5.2%. Ordinary profit totaled 364.6 billion yen (US$4.56 billion, euro 3.57 billion) while net income came to 232.4 billion yen (US$2.91 billion, euro 2.28 billion).?
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For the April-December 2012 period, Nissan sales increased 6.0% year-on-year to reach 3.635 million units.
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Nissan's forecast for the full fiscal year ending March 31, 2013, is unchanged. Although the operating environment remains challenging, positive contributions from yen correction, and disciplined cost management within the company will enable a renewed focus on achieving robust operating profit. Nissan has forecast full fiscal year operating profit outlook of 575 billion yen (US $7.21 billion, euro 5.65 billion) and net income of 320 billion yen (US $4.02 billion, euro 3.14 billion).
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Note 1: For the third quarter financial results, amounts in dollars and euros are translated for the convenience of the reader at the foreign exchange rates of 81.1 yen/dollar and 105.1 yen/euro, the average rates for the three months from October-December 2012 for the fiscal year ending March 31, 2013.
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Note 2: For the third quarter cumulative results, amounts are based on 80.0 yen/dollar and 102.0 yen/euro, the average rates for the nine months from April to December 2012.
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Note 3: The financial forecasts for fiscal year 2012 (April 1, 2012 through March 31, 2013) were revised on November 6, 2012. The forecasts are translated for the convenience of the reader at the foreign exchange rates of 79.7 yen/dollar and 101.8 yen/euro, the revised average rates for fiscal year 2012.
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Original source: Nissan
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