Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31, 2022
KYOTO, Japan–(BUSINESS WIRE)–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
December 31,
Increase
(Decrease)
%
Three months ended
December 31,
Increase
(Decrease)
%
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
– basic
180.72
169.73
–
30.32
55.94
–
Earnings per share attributable to owners of the parent
– diluted
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.
Contacts
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com
