Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31, 2023

KYOTO, Japan–(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: Â¥253.93 (basic and diluted)

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

Yen in millions, except for per share amounts and percentages

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Nine months ended December 31,

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Increase (Decrease) %

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Three months ended December 31, 　

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Increase (Decrease) %

　

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2023

Â

2022

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Â

2023

Â

2022

Â

Net sales

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1,754,688

Â

1,699,747

Â

3.2%

Â

594,026

Â

568,980

Â

4.4%

Operating profit

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169,321

Â

124,404

Â

36.1%

Â

53,562

Â

28,036

Â

91.0%

Ratio of operating profit to net sales

Â

9.6%

Â

7.3%

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　-

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9.0%

Â

4.9%

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　-

Profit before income taxes

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193,744

Â

141,944

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36.5%

Â

48,408

Â

23,569

Â

105.4%

Ratio of profit before income taxes to net sales

Â

11.0%

Â

8.4%

Â

–

Â

8.1%

Â

4.1%

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　-

Profit attributable to owners of the parent

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145,908

Â

104,077

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40.2%

Â

39,844

Â

17,428

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128.6%

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

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8.3%

Â

6.1%

Â

–

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6.7%

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3.1%

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　-

Earnings per share attributable to owners of the parent – basic (Yen)

Â

253.93

Â

180.72

Â

–

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69.34

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30.32

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–

Earnings per share attributable to owners of the parent – diluted (Yen)

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　-

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　-

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　-

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　-

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　-

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　-

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.

Contacts

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com