Nidec Announces Financial Results for Fiscal First Quarter Ended June 30, 2020
KYOTO, Japan, July 21, 2020 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated results under the International Financial Reporting Standards (“IFRS”) for the three-month period ended June 30, 2020.
The highlights are as follows:
- The net sales stood at 336.9 billion yen, 7% down Y/Y.
- Despite reduced profit due to the lower sales, the operating profit increased to 28.1 billion yen, 2% up Y/Y mainly contributions from comprehensive improvements on cost structure through WPR4 program.
- The profit attributable to owners of the parent increased by 6.2 fold Y/Y to 20.3 billion yen as FY19Q1 saw losses mainly on the transfer of Secop's compressor business for refrigeration.
- EPS: ¥34.63 (basic and diluted)
Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)
| Yen in millions except for per share amounts and percentages | Three months ended June 30 | Change % | ||||
| 2020 | 2019 | |||||
| Net sales | 336,876 | 360,874 | (6.6 | %) | ||
| Operating profit | 28,112 | 27,632 | 1.7 | % | ||
| Ratio of operating profit to net sales | 8.3 | % | 7.7 | % | - | |
| Profit before income taxes | 27,730 | 30,935 | (10.4 | %) | ||
| Ratio of profit before income taxes to net sales | 8.2 | % | 8.6 | % | - | |
| Profit attributable to owners of the parent | 20,284 | 3,284 | 517.7 | % | ||
| Ratio of profit attributable to owners of the parent to net sales | 6.0 | % | 0.9 | % | - | |
| Earnings per share attributable to owners of the parent -Basic | 34.63 | 5.58 | - | |||
| Earnings per share attributable to owners of the parent -Diluted | 34.63 | 5.58 | - | |||
Full copy of Nidec’s financial statements for the three-month period ended June 30, 2020:
A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal first quarter ended June 30, 2020 is scheduled for 09:00 a.m. EDT on Tuesday, July 21, 2020. To listen to the webcast, please visit Nidec website at:
About Nidec Corporation
Nidec Corporation (TSE: 6594) (OTC US: NJDCY) is a global leader in electric motor drive technology. For the first quarter ended June 30, 2020, 31.0% of its consolidated sales were represented by small precision motors; 16.9% by automotive products; 37.1% by appliance, commercial and industrial products; 10.6% by machinery; 4.2% 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.
| Contact: | |
| Masahiro Nagayasu | |
| General Manager | |
| Investor Relations | |
