Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2019
KYOTO, Japan, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the period of April 1, 2019 through September 30, 2019.
The highlights are as follows:
- First-half net sales remain flat Y/Y and the annual forecast remains unchanged.
- First-half operating profit decreased by 35% Y/Y due to the additional R&D and start-up costs (approx. 8.5 billion yen) of traction motors which are in high demand, and to the additional acquisition related expenses of Embraco (approx. 3 billion yen) needed to promote the modularization strategy. R&D and start-up costs of traction motors will continue in the second-half (approx. 30 billion yen for full year) and on account of the above, the annual forecast has been revised down.
- First-half profit attributable to owners of the parent decreased by 65% Y/Y due to the loss (approx. 20 billion yen) related to the sale of Secop following the European Commission’s instructions. The annual forecast has been revised down based on the first-half results and second-half operating profit forecast. However, the annual dividend has been revised up by 5 yen to 115 yen.
- EPS: ¥93.65 (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)% | ||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||
| Net sales | 751,277 | 755,447 | (0.6%) | 390,403 | 383,224 | 1.9% | ||||||
| Operating profit | 62,207 | 96,168 | (35.3%) | 34,396 | 50,475 | (31.9%) | ||||||
| Ratio of operating profit to net sales | 8.3% | 12.7% | - | 8.8% | 13.2% | - | ||||||
| Profit before income taxes | 63,750 | 95,743 | (33.4%) | 32,636 | 49,855 | (34.5%) | ||||||
| Ratio of profit before income taxes to net sales | 8.5% | 12.7% | - | 8.4% | 13.0% | - | ||||||
| Profit attributable to owners of the parent | 27,561 | 78,428 | (64.9%) | 24,154 | 41,141 | (41.3%) | ||||||
| Ratio of profit attributable to owners of the parent to net sales | 3.7% | 10.4% | - | 6.2% | 10.7% | - | ||||||
| Earnings per share attributable to owners of the parent -Basic | 93.65 | 265.57 | - | 82.07 | 139.50 | - | ||||||
| Earnings per share attributable to owners of the parent -Diluted | 93.65 | 265.57 | - | 82.07 | 139.50 | - | ||||||
Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2019:
A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the second quarter and six months ended September 30, 2019 is scheduled for 09:00 a.m. EDT on Thursday, October 24, 2019. 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 six months ended September 30, 2019, 29.3% of its consolidated sales were represented by small precision motors; 20.1% by automotive products; 36.0% by appliance, commercial and industrial products; 10.3% by machinery; 4.1% by electronic and optical components, and 0.3% 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 | |
