Nissan Revises Financial Outlook for Fiscal 2024

Nissan Motor Co., Ltd. has significantly adjusted its financial forecast for the full fiscal year 2024, now anticipating a net loss ranging between ¥700 billion and ¥750 billion (approximately $4.9 billion to $5.3 billion). This stark revision comes as the company grapples with the costs associated with its ongoing turnaround strategy among other challenges.

Behind the Numbers

Originally, Nissan had projected a net loss of ¥80 billion, a figure that has been drastically overshadowed by the latest estimates. Similarly, the company has downgraded its operating profit expectations from ¥120 billion to ¥85 billion for the year. Despite these financial headwinds, Nissan has upwardly revised its net revenue forecast from ¥12.5 trillion to ¥12.6 trillion, signaling some areas of resilience.

A Silver Lining

"Despite the anticipated net loss, Nissan remains in a solid cash position, expecting to end fiscal year 2024 with net cash of 1.498 trillion yen," the company stated. This financial cushion may provide some stability as Nissan navigates through its current challenges. The official earnings report, set to be released on May 13, will offer more insights into the company's financial health and strategic direction.