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Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2020

Nidec Corporation
·3 min read

KYOTO, Japan, Oct. 26, 2020 (GLOBE NEWSWIRE) --

Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the period of April 1, 2020 through September 30, 2020.

The highlights are as follows:

  • First half net sales and operating profit increased 0.1% Y/Y to ¥751.8 billion, 12.0% Y/Y to ¥69.2 billion, respectively. Both net sales and operating profit increased Y/Y.

  • Q2 quarterly net sales increased 23.2% Q/Q to ¥414.9 billion, marking a record high. Operating profit increased 48.9% Q/Q to ¥41.4 billion due to contributions from comprehensive improvements on cost structure and optimization of fixed cost through WPR4 program. Double-digit operating profit ratio (10%) recovered

  • Upward revision to full-year FY2020 financial forecasts

  • EPS: ¥ 83.28 (basic and diluted)

Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)

Yen in millions, except for per share amounts and percentages

Six months ended
September 30,

Increase
(Decrease)
%

Three months ended
September 30,

Increase
(Decrease)
%

2020

2019

2020

2019

Net sales

751,794

751,277

0.1%

414,918

390,403

6.3%

Operating profit

69,180

61,787

12.0%

41,387

34,155

21.2%

Ratio of operating profit to net sales

9.2 %

8.2 %

-

10.0%

8.7%

-

Profit before income taxes

66,005

63,330

4.2%

38,595

32,395

19.1%

Ratio of profit before income taxes to net sales

8.8%

8.4%

-

9.3%

8.3%

-

Profit attributable to owners of the parent

48,783

27,227

79.2%

28,725

23,943

20.0%

Ratio of profit attributable to owners of the parent to net sales

6.5 %

3.6 %

-

6.9%

6.1%

-

Earnings per share attributable to owners of the parent
- basic

83.28

46.26

-

49.04

40.67

-

Earnings per share attributable to owners of the parent
- diluted

83.28

46.26

-

49.04

40.67

-

Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2020:
https://www.nidec.com/en/ir/news/2020/news1026-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the second quarter and six months ended September 30, 2020 is scheduled for 09:00 a.m. EDT on Monday, October 26, 2020. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conference

About Nidec Corporation
Nidec Corporation (TSE: 6594) (OTC US: NJDCY) is a global leader in electric motor drive technology. For the six months ended September 30, 2020, 29.7% of its consolidated sales were represented by small precision motors; 19.8% by automotive products; 36.4% by appliance, commercial and industrial products; 9.9% 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.

Contact:

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com