Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31, 2023

Rhea-AI Summary

Nidec Corporation (NJDCY) reported record-high nine months consolidated net sales, operating profit, profit before income taxes, and profit attributable to owners of the parent for the period of April 1, 2023, through December 31, 2023. The company also revised upward year-end dividend forecast for the year ending March 31, 2024, and implemented a strategic shift to improve the financial soundness and profitability of its Battery EV related business. The financial results for the nine months ended December 31, 2023, showed an increase in net sales by 3.2% and operating profit by 36.1% compared to the same period in 2022. Profit before income taxes and profit attributable to owners of the parent also saw substantial increases. The company's earnings per share (EPS) for the period was ¥253.93 (basic and diluted).

Positive

• Record-high nine months consolidated net sales, operating profit, profit before income taxes, and profit attributable to owners of the parent
• Strategic shift to improve the financial soundness and profitability of Battery EV related business
• Revised upward year-end dividend forecast for the year ending March 31, 2024
• Increase in net sales by 3.2% and operating profit by 36.1% for the nine months ended December 31, 2023

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 December 31, 2023.

The highlights are as follows:

• We achieved record-high nine months consolidated net sales, operating profit, profit before income taxes and profit attributable to owners of the parent.
• For the Battery EV related business, we implement a strategic shift to improve the financial soundness and profitability. Assuming that structural reform expenses will occur, we revised our fiscal 2023 earnings forecasts.
• We revised upward year-end dividend forecast for the year ending March 31, 2024 to 40 yen (increased by 5 yen) making the projected aggregate annual dividend 75 yen per share.
• EPS: ¥253.93 (basic and diluted)

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

Yen in millions, except for per share amounts and percentages		Nine months ended December 31,				Increase (Decrease) %		Three months ended December 31,				Increase (Decrease) %
		2023		2022				2023		2022
Net sales		1,754,688		1,699,747		3.2%		594,026		568,980		4.4%
Operating profit		169,321		124,404		36.1%		53,562		28,036		91.0%
Ratio of operating profit to net sales		9.6%		7.3%		-		9.0%		4.9%		-
Profit before income taxes		193,744		141,944		36.5%		48,408		23,569		105.4%
Ratio of profit before income taxes to net sales		11.0%		8.4%		-		8.1%		4.1%		-
Profit attributable to owners of the parent		145,908		104,077		40.2%		39,844		17,428		128.6%
Ratio of profit attributable to owners of the parent to net sales		8.3%		6.1%		-		6.7%		3.1%		-
Earnings per share attributable to owners of the parent - basic (Yen)		253.93		180.72		-		69.34		30.32		-
Earnings per share attributable to owners of the parent - diluted (Yen)		-		-		-		-		-		-

Full copy of Nidec’s financial statements for the third quarter and nine months ended December 31, 2023:
https://www.nidec.com/en/ir/news/2024/news0124-03/

A webcast (audio-only) discussing Nidec’s financial results for the third quarter and nine months ended December 31, 2023 is scheduled for 5:00 p.m. JST on Wednesday, January 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 nine months ended December 31, 2023, 18.2% of its consolidated sales were represented by small precision motors; 24.7% by automotive products; 40.9% by appliance, commercial and industrial products; 12.4% 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240123455600/en/

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What are the highlights of Nidec Corporation's financial results for the period of April 1, 2023, through December 31, 2023?

Nidec Corporation reported record-high nine months consolidated net sales, operating profit, profit before income taxes, and profit attributable to owners of the parent for the period.

What is the ticker symbol for Nidec Corporation?

The ticker symbol for Nidec Corporation is NJDCY.

What was the increase in net sales for Nidec Corporation for the nine months ended December 31, 2023?

The net sales for Nidec Corporation increased by 3.2% for the nine months ended December 31, 2023.

What was the increase in operating profit for Nidec Corporation for the nine months ended December 31, 2023?

The operating profit for Nidec Corporation increased by 36.1% for the nine months ended December 31, 2023.

What is the earnings per share (EPS) for Nidec Corporation for the period of April 1, 2023, through December 31, 2023?

The earnings per share (EPS) for Nidec Corporation for the period was ¥253.93 (basic and diluted).