Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2023

October 23, 2023 at 02:15 AM EDT

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 September 30, 2023.

The highlights are as follows:

First half net sales stood at a record high of ¥1,160.7 billion, 2.6% higher Y/Y.
First half operating profit increased 20.1% Y/Y to ¥115.8 billion, marking a record high.
First half profit before income taxes increased 22.8 % Y/Y to ¥145.4 billion. Profit attributable to owners of the parent increased 22.4% Y/Y to ¥106.1 billion. Both stood at record highs.
EPS: ¥184.62 (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)%
	2023	2022	Increase (Decrease) %	2023	2022	Increase (Decrease)%
Net sales_{--------------------------------------------------------------------------}	1,160,662	1,130,767	2.6%	594,607	590,398	0.7%
Operating profit_{------------------------------------------------------------------}	115,782	96,368	20.1%	55,630	51,708	7.6%
Ratio of operating profit to net sales_{---------------------------------------}	10.0%	8.5%	-	9.4%	8.8%	-
Profit before income taxes_{-----------------------------------------------------}	145,359	118,375	22.8%	59,278	61,386	(3.4)%
Ratio of profit before income taxes to net sales_{-------------------------}	12.5%	10.5%	-	10.0%	10.4%	-
Profit attributable to owners of the parent_{----------------------------------}	106,081	86,649	22.4%	42,040	45,328	(7.3)%
Ratio of profit attributable to owners of the parent to net sales_{------------------------------------------------------------}	9.1%	7.7%	-	7.1 %	7.7 %	-
Earnings per share attributable to owners of the parent - basic (Yen)_{---------------------------------------------------------------------}	184.62	150.31	-	73.16	78.83	-
Earnings per share attributable to owners of the parent - diluted (Yen)_{-------------------------------------------------------------------}	184.62	150.31	-	73.16	78.83	-

Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2023:

https://www.nidec.com/en/ir/news/2023/news1023-02/

A webcast (audio-only) discussing Nidec’s financial results for the second quarter and six months ended September 30, 2023 is scheduled for 10:00 a.m. JST on Tuesday, October 24, 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 six months ended September 30, 2023, 17.8% of its consolidated sales were represented by small precision motors; 24.3% by automotive products; 41.3% by appliance, commercial and industrial products; 12.6% by machinery; 3.7% 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.