Press release

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

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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

(Decrease)

%

  

Three months ended

December 31,

　

  

Increase

(Decrease)

%

　

  

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

– basic (Yen)

  

253.93

  

180.72

  

–

  

69.34

  

30.32

  

–

Earnings per share attributable to owners of the parent

– diluted (Yen)

  

　-

  

　-

  

　-

  

　-

  

　-

  

　-

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.