Nidec Announces Financial Results for Fiscal First Quarter Ended June 30, 2023

KYOTO, Japan–(BUSINESS WIRE)–Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) today announced its consolidated results under the International Financial Reporting Standards (“IFRS”) for the three-month period ended June 30, 2023.
The highlights are as follows:

Net sales increased 4.8% Y/Y to ¥566.1 billion.

Operating profit increased 34.7% Y/Y to ¥60.2 billion, marking a record high on a quarterly basis.

Profit before income taxes increased 51.0% Y/Y to ¥86.1 billion after foreign currency gain of ¥24.3 billion posted, and marked a record high on a quarterly basis.

Profit attributable to owners of the parent increased 55.0% Y/Y to ¥64.0 billion, marking a record high on a quarterly basis.

Quarterly operating profit of Appliance, Commercial and Industrial Products segment, one of our mid-term growth drivers, marked a record high.

EPS: ¥111.45 (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
%

 
2023
2022

Net sales
566,055
540,369
4.8%

Operating profit
60,152
44,660
34.7%

Ratio of operating profit to net sales
10.6%
8.3%
–

Profit before income taxes
86,081
56,989
51.0%

Ratio of profit before income taxes to net sales
15.2%
10.5%
–

Profit attributable to owners of the parent
64,041
41,321
55.0 %

Ratio of profit attributable to owners of the parent to net sales
11.3%
7.6%
–

Earnings per share attributable to owners of the parent
-Basic
111.45
71.50
–

Earnings per share attributable to owners of the parent
-Diluted
111.45
71.50
–

Full copy of Nidec’s financial statements for the three-month period ended June 30, 2023:
https://www.nidec.com/en/ir/news/2023/news0720-02/
A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal first quarter ended June 30, 2023 is scheduled for 09:00 a.m. EDT on Thursday, July 20, 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 first quarter ended June 30, 2023, 16.9% of its consolidated sales were represented by small precision motors; 24.3% by automotive products; 42.2% by appliance, commercial and industrial products; 12.5% by machinery; 3.9% 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. Contacts
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com