Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2022

Rhea-AI Summary

Nidec Corporation (TSE: 6594, OTC US: NJDCY) reported strong financial results for the six months ending September 30, 2022. Net sales surged to a record ¥1,130.8 billion, marking a 24.2% year-over-year increase. Operating profit also achieved a record high, rising 8.1% to ¥96.4 billion. Profit before income taxes grew by 35.9% to ¥118.4 billion, while profit attributable to owners of the parent increased by 30.1% to ¥86.6 billion. Earnings per share were ¥150.31, reflecting significant growth in profitability across all metrics.

Positive

• Net sales increased 24.2% year-over-year to ¥1,130.8 billion.
• Record high operating profit of ¥96.4 billion, up 8.1% Y/Y.
• Profit before income taxes rose by 35.9% to ¥118.4 billion.
• Profit attributable to owners of the parent increased by 30.1% to ¥86.6 billion.
• Earnings per share of ¥150.31, showing substantial growth.

Negative

• Operating profit margin decreased from 9.8% to 8.5% for the first half.
• Ratio of profit before income taxes to net sales slightly increased but remains lower than prior year.

KYOTO, Japan, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the period of April 1, 2022 through September 30, 2022.

The highlights are as follows:
・First half net sales stood at a record high of ¥1,130.8 billion, 24.2% higher Y/Y.
・First half operating profit increased 8.1% Y/Y to ¥96.4 billion, marking a record high.
・First half profit before income taxes and profit attributable to owners of the parent increased 35.9 % Y/Y to ¥118.4 billion, 30.1% Y/Y to ¥86.6 billion, respectively. Both stood at record highs.
・Quarterly net sales, operating profit, profit before income taxes and profit attributable to owners of the parent recorded all-time highs.
・EPS: ¥150.31 (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)%
	2022	2021		2022	2021
Net sales	1,130,767	910,668	24.2%	590,398	463,198	27.5%
Operating profit	96,368	89,144	8.1%	51,708	44,589	16.0%
Ratio of operating profit to net sales	8.5%	9.8 %	-	8.8%	9.6%	-
Profit before income taxes	118,375	87,103	35.9%	61,386	43,351	41.6%
Ratio of profit before income taxes to net sales	10.5%	9.6%	-	10.4%	9.4%	-
Profit attributable to owners of the parent	86,649	66,612	30.1%	45,328	33,161	36.7%
Ratio of profit attributable to owners of the parent to net sales	7.7%	7.3 %	-	7.7 %	7.2%	-
Earnings per share attributable to owners of the parent - basic	150.31	113.79	-	78.83	56.65	-
Earnings per share attributable to owners of the parent - diluted	150.31	113.79	-	78.83	56.65	-

Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2022:
https://www.nidec.com/en/ir/news/2022/news1024-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the second quarter and six months ended September 30, 2022 is scheduled for 09:00 a.m. EDT on Monday, October 24, 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 six months ended September 30, 2022, 20.0% of its consolidated sales were represented by small precision motors; 22.5% by automotive products; 40.1% by appliance, commercial and industrial products; 13.6% 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. 

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

 

FAQ

What were Nidec Corporation's earnings results for the second quarter of 2022?

Nidec's earnings for the second quarter included a record profit before income taxes of ¥118.4 billion, marking a 35.9% year-over-year increase.

What is Nidec Corporation's net sales figure for the first half of fiscal year 2022?

Nidec reported net sales of ¥1,130.8 billion for the first half of fiscal year 2022, a 24.2% increase from the previous year.

What is the earnings per share (EPS) reported by Nidec Corporation for the first half of 2022?

Nidec reported an earnings per share (EPS) of ¥150.31 for the first half of 2022.

How did Nidec Corporation's profit attributable to owners of the parent change in the first half of 2022?

Profit attributable to owners of the parent increased by 30.1% year-over-year to reach ¥86.6 billion.

What financial metrics indicate Nidec Corporation's performance in the first half of 2022?

Key metrics include record highs in net sales, operating profit, profit before income taxes, and profit attributable to owners of the parent, all indicating strong performance.