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

January 24, 2024 at 01:15 AM EST

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	Increase (Decrease) %	2023	2022	Increase (Decrease) %
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.