NIDEC CORP ADR - NJDCY STOCK NEWS

Nidec Corporation reported its consolidated financial results for the fiscal year ending March 31, 2023. Key highlights include:

• Record net sales of ¥2,242.8 billion, a 16.9% increase year-over-year.
• Operating profit fell by 41.3% to ¥100.1 billion due to structural reform costs of ¥75.7 billion.
• Profit before taxes declined 29.1% to ¥120.6 billion, aided by a foreign currency gain of ¥20 billion.
• Profit attributable to owners of the parent decreased 66.9% to ¥45.0 billion after tax expenses of ¥75.0 billion and losses from discontinued operations of ¥2.0 billion.
• EPS stood at ¥78.19. Nidec aims for a V-shaped recovery in FY2023 through the ongoing WPR-X reform.

Nidec Corporation (Tokyo: 6594; OTC US: NJDCY) announced the completion of its share repurchase plan as per the Board of Directors' resolution on January 24, 2023. The repurchase period ran from March 1, 2023, to March 31, 2023, during which 290,000 shares were repurchased for a total amount of 1,853,416,800 yen. Since the initiation of the plan, a cumulative total of 1,020,000 shares have been repurchased, amounting to 6,882,558,300 yen. The total authorized repurchase limit is 35 billion yen, allowing for up to 5,000,000 shares to be reacquired by January 24, 2024.

Nidec Corporation (OTC US: NJDCY) announced the acquisition of Midori Precisions Co., Ltd. by its subsidiary Nidec Copal Electronics on March 31, 2023. This acquisition aims to leverage synergies between both companies to enhance their product offerings in potentiometers and encoders. By integrating their technologies, they anticipate meeting global demands for sensors through Nidec Copal Electronics’ global sales channels. Although the acquisition is not expected to have a significant impact on Nidec’s consolidated financial performance for the fiscal year ending March 31, 2023, it represents a strategic growth investment.