Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2023

Rhea-AI Summary

Nidec Corporation announces record high net sales and operating profit for the first half of 2023, with increases of 2.6% and 20.1% respectively. Profit before income taxes and profit attributable to owners of the parent also reached record highs with increases of 22.8% and 22.4% respectively.

Positive

• Nidec Corporation achieved a record high net sales of ¥1,160.7 billion, a 2.6% increase compared to the previous year.
• The company's operating profit for the first half increased by 20.1% to ¥115.8 billion, marking a record high.
• Profit before income taxes increased by 22.8% to ¥145.4 billion, reaching a record high.
• Profit attributable to owners of the parent increased by 22.4% to ¥106.1 billion, also reaching a record high.

Negative

• None.

KYOTO, Japan--(BUSINESS WIRE)-- Nidec Corporation (TOKYO:6594) (OTC US:NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the period of April 1, 2023 through September 30, 2023.

The highlights are as follows:

• First half net sales stood at a record high of ¥1,160.7 billion, 2.6% higher Y/Y.
• First half operating profit increased 20.1% Y/Y to ¥115.8 billion, marking a record high.
• First half profit before income taxes increased 22.8 % Y/Y to ¥145.4 billion. Profit attributable to owners of the parent increased 22.4% Y/Y to ¥106.1 billion. Both stood at record highs.
• EPS: ¥184.62 (basic and diluted)

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

Yen in millions, except for per share amounts and percentages	Six months ended September 30,		Increase (Decrease) %	Three months ended September 30,		Increase (Decrease)%
	2023	2022		2023	2022
Net sales--------------------------------------------------------------------------	1,160,662	1,130,767	2.6%	594,607	590,398	0.7%
Operating profit------------------------------------------------------------------	115,782	96,368	20.1%	55,630	51,708	7.6%
Ratio of operating profit to net sales---------------------------------------	10.0%	8.5%	-	9.4%	8.8%	-
Profit before income taxes-----------------------------------------------------	145,359	118,375	22.8%	59,278	61,386	(3.4)%
Ratio of profit before income taxes to net sales-------------------------	12.5%	10.5%	-	10.0%	10.4%	-
Profit attributable to owners of the parent----------------------------------	106,081	86,649	22.4%	42,040	45,328	(7.3)%
Ratio of profit attributable to owners of the parent to net sales------------------------------------------------------------	9.1%	7.7%	-	7.1 %	7.7 %	-
Earnings per share attributable to owners of the parent - basic (Yen)---------------------------------------------------------------------	184.62	150.31	-	73.16	78.83	-
Earnings per share attributable to owners of the parent - diluted (Yen)-------------------------------------------------------------------	184.62	150.31	-	73.16	78.83	-

Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2023:
https://www.nidec.com/en/ir/news/2023/news1023-02/

A webcast (audio-only) discussing Nidec’s financial results for the second quarter and six months ended September 30, 2023 is scheduled for 10:00 a.m. JST on Tuesday, October 24, 2023. 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 six months ended September 30, 2023, 17.8% of its consolidated sales were represented by small precision motors; 24.3% by automotive products; 41.3% by appliance, commercial and industrial products; 12.6% 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 and CEO.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231022051168/en/

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What are the financial results of Nidec Corporation for the first half of 2023?

Nidec Corporation achieved record high net sales, operating profit, profit before income taxes, and profit attributable to owners of the parent for the first half of 2023.

What was the percentage increase in net sales for Nidec Corporation?

Net sales increased by 2.6% compared to the previous year.

What was the percentage increase in operating profit for Nidec Corporation?

Operating profit increased by 20.1% compared to the previous year.

What was the percentage increase in profit before income taxes for Nidec Corporation?

Profit before income taxes increased by 22.8% compared to the previous year.

What was the percentage increase in profit attributable to owners of the parent for Nidec Corporation?

Profit attributable to owners of the parent increased by 22.4% compared to the previous year.