Nissan Motor Company Ltd. on February 9 announced financial results for the third quarter of fiscal year 2009, ending March 31, 2010, as well as for the first nine months. In the third quarter, the consolidated net income after taxes totaled 45 billion yen (US $480 million, euro 340 million). The better-than-expected results were due mainly to additional sales volumes driven by scrapping incentives in major markets, sales volume growth in China and the effective execution of countermeasures put in place following the global financial and economic crisis.
Net revenues were 1.9962 trillion yen (US $21.33 billion, euro 15.01 billion), increased by 9.9 percent compared with a year ago. Operating profit was 134.1 billion yen (US $1.43 billion, euro 1.01 billion), and the operating profit margin came to 6.7 percent. Ordinary profit was 112.7 billion yen (US $1.20 billion, euro 850 million).
"Our performance in the third quarter of fiscal 2009 is encouraging, demonstrating that our countermeasures are working," said Nissan president and CEO Carlos Ghosn. "Despite these positive quarterly results, we believe that conditions in the global economy are still volatile and uncertain, so our outlook will remain cautious until we see clear evidence that economic recovery can be sustained in world markets."
Nissan sold 882,000 vehicles worldwide in the October-to-December 2009 period, a 20.6 percent increase over the same period in fiscal year 2008.
In the April-to-December 2009 period, net income after tax totaled 54 billion yen (US $580 million, euro 410 million), up 25 percent compared with the previous year. Net revenue fell 19.5 percent to 5.3796 trillion yen (US $57.47 billion, euro 40.45 billion). Operating profit totaled 228.9 billion yen (US $2.45 billion, euro 1.72 billion), an increase of 147.6 percent. Operating profit margin came to 4.3 percent. Ordinary profit amounted to 145.9 billion yen (US $1.56 billion, euro 1.1 billion), up 62 percent.
Globally, Nissan sold 2,505,000 vehicles in the first nine months of the fiscal year, down 4.8 percent compared with the same period last year.
The company has revised upward its full fiscal-year forecast for 2009. Based on foreign-exchange rates of 92 yen/dollar and 132 yen/euro, the revised average rates for the full fiscal year, Nissan filed the following forecast with the Tokyo Stock Exchange for the fiscal year ending March 31, 2010:
- Net revenues of 7.4 trillion yen (US $80.43 billion, euro 56.06 billion);
- Operating profit of 290 billion yen (US $3.15 billion, euro 2.2 billion);
- Net income of 35 billion yen (US $380 million, euro 270 million);
- R&D expenses of 395 billion yen (US $4.29 billion, euro 2.99 billion); and
- Capital expenditures of 300 billion yen (US $3.26 billion, euro 2.27 billion).
Note 1: On November 4, 2009, Nissan had filed the following forecast with the Tokyo Stock Exchange, based on foreign-exchange rates of 90 yen/dollar and 131.6 yen/euro, for the fiscal year ending March 31, 2010:
- Net revenues of 7 trillion yen (US $77.78 billion, euro 53.19 billion);
- Operating profit of 120 billion yen (US $1.33 billion, euro 910 million);
- Net loss of 40 billion yen (US $440 million, euro 300 million);
- R&D expenses of 395 billion yen (US $4.39 billion, euro 3 billion); and
- Capital expenditures of 325 billion yen (US $3.61 billion, euro 2.47 billion).
Note 2: Amounts in dollars and euros are translated for the convenience of the reader at the foreign-exchange rates of 93.6 yen/dollar and 133 yen/euro, the average rates for the first nine months of the fiscal year ending March 31, 2010.
