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CONSUMER CYCLICALS: Nissan (NSANY Baa3/BB+/BBB-): 1Q24 Results

CONSUMER CYCLICALS

Negative for spreads. 0% margin is never a good headline; US inventory remains elevated with some pain needed to bring that down.

  • Revenue missed by 3%.
  • Operating income at just Y1bn for close to 0% margin, with 5.5% expected. Unfavourable pricing, volume/mix and cost inflation were all factors.
  • FY24 operating profit guidance revised down by Y100bn to Y500bn, implying better than expected performance for the remainder of the year with raw material costs helping.
  • Automotive FCF was weak at -Y303bn given the lack of operating profit compounded by WC changes.
  • Automotive net cash fell Y140bn to Y1.4bn.
  • Talks on the potential Honda JV progressing.
  • Webcast replay: https://www.youtube.com/watch?v=1wci9uFge8U&feature=youtu.be.
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