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

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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

[email protected]

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