Nidec Announces Financial Results for Fiscal First Quarter Ended June 30, 2024

Rhea-AI Summary

Nidec (TOKYO: 6594) (OTC US: NJDCY) reported record-high consolidated net sales and operating profit for Q1 FY2024 ended June 30, 2024. Net sales increased 14.8% to ¥648,166 million, while operating profit slightly rose 0.1% to ¥60,259 million. The company's operating profit was boosted by a shift to a highly profitable business portfolio in Small Precision Motors and gains from consolidating Nidec PSA eMotors SAS. However, profit attributable to owners decreased 12.5% to ¥56,044 million. Nidec has revised its FY2024 full-year and first-half forecasts upward. The company also announced a 2-for-1 stock split effective October 1, 2024.

Positive

• Record-high consolidated net sales of ¥648,166 million, up 14.8% year-over-year
• Operating profit reached a record high of ¥60,259 million
• Shift to highly profitable business portfolio in Small Precision Motors
• Gains on revaluation of shares from consolidating Nidec PSA eMotors SAS
• Upward revision to FY2024 full-year and first-half forecast

Negative

• Profit attributable to owners decreased 12.5% to ¥56,044 million
• Operating profit margin declined from 10.7% to 9.3%
• Profit before income taxes decreased 8.7% to ¥78,603 million

KYOTO, Japan--(BUSINESS WIRE)-- Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) today announced its consolidated results under the International Financial Reporting Standards (“IFRS”) for the three-month period ended June 30, 2024.

The highlights are as follows:

• Consolidated net sales and operating profit stood at record highs under the new management.
• Operating profit increased due to a shift to a highly profitable business portfolio in the Small Precision Motors, and the recording of gains on revaluation of shares following the consolidation of Nidec PSA eMotors SAS, a joint venture with Stellantis.
• Upward revision to FY24 Full-year and the 1H forecast.

Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)　

Yen in millions except for per share amounts and percentages	Three months ended June 30		Change %
	2024	2023
Net sales	648,166	564,362	14.8%
Operating profit	60,259	60,176	0.1%
Ratio of operating profit to net sales	9.3%	10.7%	-
Profit before income taxes	78,603	86,105	(8.7)%
Ratio of profit before income taxes to net sales	12.1%	15.3%	-
Profit attributable to owners of the parent	56,044	64,066	(12.5)%
Ratio of profit attributable to owners of the parent to net sales	8.6%	11.4%	-
Earnings per share attributable to owners of the parent -Basic	97.5	111.5	-
Earnings per share attributable to owners of the parent -Diluted	97.5	111.5	-

*

Each of the shares of the Company’s common stock held by shareholders included or recorded in the final register of shareholders as of the record date of September 30, 2024 will be split into two shares (Effective date is October 1, 2024). The above “Earnings per share attributable to owners of the parent-basic” and “Earnings per share attributable to owners of the parent-diluted” for the three months ended June 30, 2024 and the three months ended June 30, 2023 do not consider the share split.

Full copy of Nidec’s financial statements for the three-month period ended June 30, 2024:
https://www.nidec.com/en/ir/news/2024/news0723-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal first quarter ended June 30, 2024 is scheduled for Wednesday, July 24, 2024. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conference

About Nidec Corporation

Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) is a global leader in electric motor drive technology. For the first quarter ended June 30, 2024, 18.3% of its consolidated sales were represented by small precision motors; 25.6% by automotive products; 41.0% by appliance, commercial and industrial products; 11.6% by machinery; 3.4% by electronic and optical components, and 0.1% by the remaining products lines. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its Founder and Chairman of the Board.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240723048728/en/

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What were Nidec's (NJDCY) Q1 FY2024 financial results?

Nidec reported record-high net sales of ¥648,166 million, up 14.8%, and operating profit of ¥60,259 million, up 0.1%, for Q1 FY2024 ended June 30, 2024. However, profit attributable to owners decreased 12.5% to ¥56,044 million.

Has Nidec (NJDCY) revised its financial forecast for FY2024?

Yes, Nidec has revised its FY2024 full-year and first-half forecasts upward following the Q1 results announced on July 23, 2024.

What factors contributed to Nidec's (NJDCY) operating profit growth in Q1 FY2024?

Nidec's operating profit growth was driven by a shift to a highly profitable business portfolio in Small Precision Motors and gains from consolidating Nidec PSA eMotors SAS, a joint venture with Stellantis.

Is Nidec (NJDCY) planning a stock split in 2024?

Yes, Nidec announced a 2-for-1 stock split effective October 1, 2024, for shareholders of record as of September 30, 2024.