In light of the troubles at General Motors (NYSE:GM) and Ford (NYSE:F), it might be hard to remember that there actually are car companies out there capable of making money -- sometimes quite a lot of it. And while Nissan Motors (NASDAQ:NSANY) once had troubles of its own, this member of Japan's Big 3 has come a long way since then.

In my opinion, results for the fourth quarter and full fiscal year were mixed. Real growth momentum was lacking, but the company is still following its plan to build value for shareholders, and results on a relative basis were still OK.

Revenue climbed nearly 10% for the year and about 6% for the quarter. In each case, operating income trailed the revenue performance (operating income was actually down in the fourth quarter), but the company's margins are still pretty good for the sector as a whole. Likewise on the company's return on capital -- the company slipped a bit and is still shy of its goal, but it's the only major auto company to have a double-digit number here (while I likeTata Motors (NYSE:TTM) just fine, I do not consider it a major auto company).

It was interesting to compare unit sales and operating profit performance by geography. Unit growth was quite healthy in the U.S. (up more than 6%), but this was the only location where operating profits were lower for the year -- mostly due to higher incentive expenses. And though the company lost a bit of share in Japan, it is doing well in emerging economies, and new model introductions later next year could further boost performance.

This stock has already had a pretty good year, partly because of the overall recovery in Japanese equities. And there are real risks regarding whether the company has much more to gain from cost-cutting and whether profitable units like the U.S. truck business might get hurt by high oil prices and higher interest rates. Still, it seems to be trading at a discount to other Japanese auto companies, and I don't really see anything in the performance that merits the discount. So while Nissan Motors isn't dirt cheap, there could still be money to make from a car company that is emerging as one of the better-run players.

For more Foolish thoughts on auto stocks:

Interested in learning about additional opportunities overseas? The Motley Fool's International Stock Report has 13 ideas just waiting for you to test- drive them.

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).