Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31, 2023
January 24, 2024 at 01:16 am EST
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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/
Nidec Corporation specializes in the development, manufacturing and marketing of small precision motors and automotive and appliance components. Net sales break down by family of products as follows:
- appliances, air-conditioning and industrial equipment motors (40.5%);
- small precision motors (21.9%): pin motors for hard drives, fan motors, vibrating motors, brush motors and motor applications, etc. ;
- automotive components (21.3%);
- machines (12.1%): industrial robots, card readers, test systems, presses and power transmission drives, etc. ;
- electronic and optical components (3.9%): switches, trimmer potentiometers, lens units and camera shutters, etc. ;
- other (0.3%).
The net sales are distributed geographically as follows: Japan (17.8%), China (26.7%), the United States (21.6%), Germany (6.1%), Italy (5.5%), Thailand (5.2%) and other (17.1%).