Nidec Announces Financial Results for Fiscal First Quarter Ended June 30, 2022

Rhea-AI Summary

Nidec Corporation (TSE: 6594, OTC US: NJDCY) reported strong financial results for the quarter ended June 30, 2022. Net sales surged by 20.8% year-over-year to reach ¥540.4 billion, achieving a record quarterly high. Operating profit saw a modest increase of 0.2% to ¥44.7 billion. However, profit before income taxes rose significantly by 30.3% to ¥57.0 billion, and profit attributable to owners increased 23.5% to ¥41.3 billion. Earnings per share were reported at ¥71.50, marking a notable growth compared to the previous year.

Positive

• Net sales increased by 20.8% YoY to ¥540.4 billion, a record quarterly high.
• Profit before income taxes surged by 30.3% YoY to ¥57.0 billion, setting a new quarterly record.
• Profit attributable to owners rose by 23.5% YoY to ¥41.3 billion, achieving a record high.
• Earnings per share reached ¥71.50, up from ¥57.14 the previous year.

Negative

• Operating profit increased only marginally by 0.2%, indicating potential pressure on margins.
• Ratio of operating profit to net sales decreased from 10% to 8.3%, suggesting a decline in operational efficiency.

KYOTO, Japan, July 20, 2022 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated results under the International Financial Reporting Standards (“IFRS”) for the three-month period ended June 30, 2022.

The highlights are as follows:

• Net sales increased 20.8% Y/Y to ¥540.4 billion, marking a record high on a quarterly basis.
• Operating profit increased 0.2% Y/Y to ¥44.7 billion.
• Profit before income taxes and profit attributable to owners of the parent increased 30.3% Y/Y to ¥57.0 billion, 23.5% Y/Y to ¥41.3 billion, respectively. Both stood at record highs on a quarterly basis.
• EPS: ¥71.50 (basic and diluted)

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

Yen in millions except for per share amounts and percentages	Three months ended June 30		Change %
	2022	2021
Net sales	540,369	447,470	20.8%
Operating profit	44,660	44,555	0.2%
Ratio of operating profit to net sales	8.3%	10.0%	-
Profit before income taxes	56,989	43,752	30.3%
Ratio of profit before income taxes to net sales	10.5%	9.8%	-
Profit attributable to owners of the parent	41,321	33,451	23.5%
Ratio of profit attributable to owners of the parent to net sales	7.6%	7.5%	-
Earnings per share attributable to owners of the parent -Basic	71.50	57.14	-
Earnings per share attributable to owners of the parent -Diluted	71.50	57.14	-

Full copy of Nidec’s financial statements for the three-month period ended June 30, 2022:
https://www.nidec.com/en/ir/news/2022/news0720-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal first quarter ended June 30, 2022 is scheduled for 09:00 a.m. EDT on Wednesday, July 20, 2022. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conference

About Nidec Corporation
Nidec Corporation (TSE: 6594) (OTC US: NJDCY) is a global leader in electric motor drive technology. For the first quarter ended June 30, 2022, 20.6% of its consolidated sales were represented by small precision motors; 21.0% by automotive products; 41.2% by appliance, commercial and industrial products; 13.5% by machinery; 3.6% by electronic and optical components, and 0.2% by the remaining products lines. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its current Chairman and CEO.

Contact:

Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com 

FAQ

What were Nidec's net sales for the quarter ended June 30, 2022?

Nidec reported net sales of ¥540.4 billion for the quarter ended June 30, 2022.

How much did Nidec's profit before income taxes increase in Q1 2022?

Profit before income taxes increased by 30.3% year-over-year to ¥57.0 billion.

What was Nidec's earnings per share for the quarter ended June 30, 2022?

Earnings per share for the quarter was ¥71.50, an increase from ¥57.14 the previous year.

What is the significance of Nidec's operating profit results for Q1 2022?

Operating profit increased slightly by 0.2% to ¥44.7 billion, indicating potential pressures on margins despite strong sales growth.

What was the profit attributable to owners for Nidec in Q1 2022?

Profit attributable to owners of the parent increased by 23.5% year-over-year to ¥41.3 billion.