Nidec Announces Financial Results for Fiscal First Quarter Ended June 30, 2021

Rhea-AI Summary

Nidec Corporation reported strong consolidated results for the three months ending June 30, 2021, with net sales reaching a record ¥447.5 billion, up 32.8% year-over-year. Operating profit surged 60.3% to ¥44.6 billion, resulting in a 10.0% operating profit ratio. Profit attributable to owners rose 66.8% to ¥33.5 billion, with EPS standing at ¥57.14. The results reflect successful implementation of the WPR4 program and a recovery in sales, maintaining a double-digit operating profit ratio for four consecutive quarters.

Positive

• Net sales increased to ¥447.5 billion, up 32.8% Y/Y.
• Operating profit reached ¥44.6 billion, a 60.3% Y/Y increase.
• Profit attributable to owners grew 66.8% to ¥33.5 billion.
• EPS for the period was ¥57.14.

Negative

• None.

KYOTO, Japan, July 21, 2021 (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, 2021.

The highlights are as follows:

• Net sales stood at a record high of ¥447.5 billion, 32.8% higher Y/Y. Operating profit significantly increased 60.3% Y/Y to ¥44.6 billion.
• Q1 quarterly operating profit ratio was 10.0% due to enhanced profitability through WPR4 program implemented since FY20, and sales recovery. Double-digit operating profit ratio was successfully maintained for four consecutive quarters.
• Profit attributable to owners of the parent increased 66.8% Y/Y to ¥33.5 billion.
• EPS: ¥57.14 (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 %
	2021	2020
Net sales	447,470	336,876	32.8%
Operating profit	44,555	27,793	60.3 %
Ratio of operating profit to net sales	10.0%	8.3%	-
Profit before income taxes	43,752	27,410	59.6%
Ratio of profit before income taxes to net sales	9.8%	8.1%	-
Profit attributable to owners of the parent	33,451	20,058	66.8 %
Ratio of profit attributable to owners of the parent to net sales	7.5%	6.0%	-
Earnings per share attributable to owners of the parent -Basic	57.14	34.24	-
Earnings per share attributable to owners of the parent -Diluted	57.14	34.24	-

Full copy of Nidec’s financial statements for the three-month period ended June 30, 2021:
https://www.nidec.com/en/ir/news/2021/news0721-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal first quarter ended June 30, 2021 is scheduled for 09:00 a.m. EDT on Wednesday, July 21, 2021. 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, 2021, 22.6% of its consolidated sales were represented by small precision motors; 21.8% by automotive products; 41.7% by appliance, commercial and industrial products; 10.0% by machinery; 3.7% 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.

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

FAQ

What were Nidec's net sales for Q1 2021?

Nidec's net sales for Q1 2021 were ¥447.5 billion, which is a 32.8% increase from the previous year.

How much did Nidec's operating profit increase in Q1 2021?

Nidec's operating profit increased by 60.3% to ¥44.6 billion in Q1 2021.

What is the EPS reported by Nidec for Q1 2021?

Nidec reported an earnings per share (EPS) of ¥57.14 for Q1 2021.

What factors contributed to Nidec's profit growth in Q1 2021?

Nidec's profit growth in Q1 2021 was driven by enhanced profitability through the WPR4 program and a recovery in sales.