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/
Contacts
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com