NJDCY - Nidec Announces Financial Results for Fiscal First Quarter Ended June 30 2020
KYOTO, Japan, July 21, 2020 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated results under the International Financial Reporting Standards (“IFRS”) for the three-month period ended June 30, 2020.
The highlights are as follows:
- The net sales stood at 336.9 billion yen, 7% down Y/Y.
- Despite reduced profit due to the lower sales, the operating profit increased to 28.1 billion yen, 2% up Y/Y mainly contributions from comprehensive improvements on cost structure through WPR4 program.
- The profit attributable to owners of the parent increased by 6.2 fold Y/Y to 20.3 billion yen as FY19Q1 saw losses mainly on the transfer of Secop's compressor business for refrigeration.
- EPS: ¥34.63 (basic and diluted)
Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)
| Yen in millions except for per share amounts and percentages |
| Three months ended June 30 |
| Change % |
| 2020 |
| 2019 |
| Net sales |
| 336,876 |
| 360,874 |
| (6.6 |
| %) |
| Operating profit |
| 28,112 |
| 27,632 |
| 1.7 |
| % |
| Ratio of operating profit to net sales |
| 8.3 |
| % |
| 7.7 |
| % |
| - |
| Profit before income taxes |
| 27,730 |
| 30,935 |
| (10.4 |
| %) |
| Ratio of profit before income taxes to net sales |
| 8.2 |
| % |
| 8.6 |
| % |
| - |
| Profit attributable to owners of the parent |
| 20,284 |
| 3,284 |
| 517.7 |
| % |
| Ratio of profit attributable to owners of the parent to net sales |
| 6.0 |
| % |
| 0.9 |
| % |
| - |
| Earnings per share attributable to owners of the parent -Basic |
| 34.63 |
| 5.58 |
| - |
| Earnings per share attributable to owners of the parent -Diluted |
| 34.63 |
| 5.58 |
| - |
Full copy of Nidec’s financial statements for the three-month period ended June 30, 2020:
https://www.nidec.com/en/ir/news/2020/news0721-02/
A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal first quarter ended June 30, 2020 is scheduled for 09:00 a.m. EDT on Tuesday, July 21, 2020. 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 first quarter ended June 30, 2020, 31.0% of its consolidated sales were represented by small precision motors; 16.9% by automotive products; 37.1% by appliance, commercial and industrial products; 10.6% by machinery; 4.2% 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 |