Nissan (7201) FY17 Q1 Earnings Comment – Profit Decline in All Regio...

Nissan reported FY17 Q1 net sales of ¥2,760.4bil (+4% YoY), OP of ¥153.3bil (-12.8% YoY) and NP of ¥134.9bil (-1.1% YoY). The results were below consensus (OP of ¥171bil) and the Q1 YoY OP decline was larger than the decline expected for FY17 by Nissan (-7.7% YoY) and by consensus and PSA (flat). Nissan said it anticipates better earnings in the coming quarters and, therefore, has not altered its full year forecasts. Key Points:  Sharp profit decline in North America on higher incentives  ...