Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31, 2022

KYOTO, Japan--()--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

Contacts

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