Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31, 2023
KYOTO, Japan, January 24, 2024--(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, 2023 through December 31, 2023.
The highlights are as follows:
We achieved record-high nine months consolidated net sales, operating profit, profit before income taxes and profit attributable to owners of the parent.
For the Battery EV related business, we implement a strategic shift to improve the financial soundness and profitability. Assuming that structural reform expenses will occur, we revised our fiscal 2023 earnings forecasts.
We revised upward year-end dividend forecast for the year ending March 31, 2024 to 40 yen (increased by 5 yen) making the projected aggregate annual dividend 75 yen per share.
EPS: ¥253.93 (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 % |
| Three months ended December 31, |
| Increase | ||||
| 2023 |
| 2022 |
|
| 2023 |
| 2022 |
| |||
Net sales |
| 1,754,688 |
| 1,699,747 |
| 3.2% |
| 594,026 |
| 568,980 |
| 4.4% |
Operating profit |
| 169,321 |
| 124,404 |
| 36.1% |
| 53,562 |
| 28,036 |
| 91.0% |
Ratio of operating profit to net sales |
| 9.6% |
| 7.3% |
| - |
| 9.0% |
| 4.9% |
| - |
Profit before income taxes |
| 193,744 |
| 141,944 |
| 36.5% |
| 48,408 |
| 23,569 |
| 105.4% |
Ratio of profit before income taxes to net sales |
| 11.0% |
| 8.4% |
| - |
| 8.1% |
| 4.1% |
| - |
Profit attributable to owners of the parent |
| 145,908 |
| 104,077 |
| 40.2% |
| 39,844 |
| 17,428 |
| 128.6% |
Ratio of profit attributable to owners of the parent to net sales |
| 8.3% |
| 6.1% |
| - |
| 6.7% |
| 3.1% |
| - |
Earnings per share attributable to owners of the parent |
| 253.93 |
| 180.72 |
| - |
| 69.34 |
| 30.32 |
| - |
Earnings per share attributable to owners of the parent |
| - |
| - |
| - |
| - |
| - |
| - |
Full copy of Nidec’s financial statements for the third quarter and nine months ended December 31, 2023:
https://www.nidec.com/en/ir/news/2024/news0124-03/
A webcast (audio-only) discussing Nidec’s financial results for the third quarter and nine months ended December 31, 2023 is scheduled for 5:00 p.m. JST on Wednesday, January 24, 2024. 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, 2023, 18.2% of its consolidated sales were represented by small precision motors; 24.7% by automotive products; 40.9% by appliance, commercial and industrial products; 12.4% by machinery; 3.6% 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/20240123455600/en/
Contacts
Teruaki Urago
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com