By Kosaku Narioka


Nidec Corp. shares rose sharply Tuesday morning, after the electric-motor maker's second-quarter net profit rose 37% from a year earlier thanks to stronger earnings from machinery and auto-parts businesses.

The shares were recently 4.0% higher at 8,284 yen after rising as much as 5.1% earlier.

Nidec said Monday after market close that net profit rose to Y45.33 billion ($304.2 million) for the quarter ended Sept. 30 from Y33.16 billion a year earlier. That exceeded the consensus estimate of Y41.51 billion in a poll of analysts by Quick.

The company cited stronger gains in machinery and automotive-products segments as well as the positive impact of a weaker yen. Revenue climbed 27% to Y590.40 billion.

Nidec kept its fiscal-year guidance unchanged, projecting a 9.5% gain in revenue to Y2.100 trillion and a 21.5% rise in net profit to Y165.00 billion. The company said the demand outlook doesn't warrant optimism, and costs of raw materials may continue to trend higher.

The Topix subindex for electronics makers was recently 1.6% higher and the Nikkei Stock Average was up 0.8%.


Write to Kosaku Narioka at kosaku.narioka@wsj.com


(END) Dow Jones Newswires

10-24-22 2113ET