NJDCY - Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31 2022
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, 2022 through December 31, 2022.
The highlights are as follows:
- Nine months net sales stood at record high of ¥1,699.7 billion, 20.8% higher Y/Y.
- Nine months operating profit decreased 6.8% Y/Y to ¥124.4 billion.
- Nine months profit before income taxes and profit attributable to owners of the parent increased 9.7% Y/Y to ¥141.9 billion, 4.8% Y/Y to ¥104.1 billion, respectively. Both stood at record high.
- Due to the recent business environment surrounding the company, Nidec posted structural reform expenses, and revised its full-year forecast for FY2022.
- Nidec is implementing WPR-X, the drastic reform on profitability, to tackle recent deteriorations of market environments with aims to reduce the fixed cost significantly and to make a V-shaped recovery in FY2023.
- EPS: ¥180.72 (basic and diluted)
Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)
| Yen in millions, except for per share amounts and percentages |
| Nine months ended |
| Increase |
| Three months ended |
| Increase |
|
|
| 2022 |
| 2021 |
| 2022 |
| 2021 |
| Net sales |
| 1,699,747 |
| 1,407,210 |
| 20.8 % |
| 568,980 |
| 496,542 |
| 14.6% |
| Operating profit |
| 124,404 |
| 133,487 |
| (6.8) % |
| 28,036 |
| 44,343 |
| (36.8) % |
| Ratio of operating profit to net sales |
| 7.3 % |
| 9.5 % |
| - |
| 4.9 % |
| 8.9% |
| - |
| Profit before income taxes |
| 141,944 |
| 129,410 |
| 9.7 % |
| 23,569 |
| 42,307 |
| (44.3) % |
| Ratio of profit before income taxes to net sales |
| 8.4 % |
| 9.2 % |
| - |
| 4.1 % |
| 8.5% |
| - |
| Profit attributable to owners of the parent |
| 104,077 |
| 99,312 |
| 4.8 % |
| 17,428 |
| 32,700 |
| (46.7) % |
| Ratio of profit attributable to owners of the parent to net sales |
| 6.1 % |
| 7.1 % |
| - |
| 3.1 % |
| 6.6% |
| - |
| Earnings per share attributable to owners of the parent |
| 180.72 |
| 169.73 |
| - |
| 30.32 |
| 55.94 |
| - |
| Earnings per share attributable to owners of the parent |
| 180.72 |
| 169.73 |
| - |
| 30.32 |
| 55.94 |
| - |
Full copy of Nidec’s financial statements for the third quarter and nine months ended December 31, 2022:
https://www.nidec.com/en/ir/news/2023/news0124-03/
A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the third quarter and nine months ended December 31, 2022 is scheduled for 09:00 a.m. EST on Tuesday, January 24, 2023. 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, 2022, 19.6% of its consolidated sales were represented by small precision motors; 23.2% by automotive products; 40.1% by appliance, commercial and industrial products; 13.1% by machinery; 3.8% 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/20230123005827/en/
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com