Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2020
KYOTO, Japan, Oct. 26, 2020 (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, 2020 through September 30, 2020.
The highlights are as follows:
- First half net sales and operating profit increased 0.1% Y/Y to ¥751.8 billion, 12.0% Y/Y to ¥69.2 billion, respectively. Both net sales and operating profit increased Y/Y.
- Q2 quarterly net sales increased 23.2% Q/Q to ¥414.9 billion, marking a record high. Operating profit increased 48.9% Q/Q to ¥41.4 billion due to contributions from comprehensive improvements on cost structure and optimization of fixed cost through WPR4 program. Double-digit operating profit ratio (10%) recovered
- Upward revision to full-year FY2020 financial forecasts
- EPS: ¥ 83.28 (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) % | ||
| 2020 | 2019 | 2020 | 2019 | |||
| Net sales | 751,794 | 751,277 | 0.1% | 414,918 | 390,403 | 6.3% |
| Operating profit | 69,180 | 61,787 | 12.0% | 41,387 | 34,155 | 21.2% |
| Ratio of operating profit to net sales | 9.2 % | 8.2 % | - | 10.0% | 8.7% | - |
| Profit before income taxes | 66,005 | 63,330 | 4.2% | 38,595 | 32,395 | 19.1% |
| Ratio of profit before income taxes to net sales | 8.8% | 8.4% | - | 9.3% | 8.3% | - |
| Profit attributable to owners of the parent | 48,783 | 27,227 | 79.2% | 28,725 | 23,943 | 20.0% |
| Ratio of profit attributable to owners of the parent to net sales | 6.5 % | 3.6 % | - | 6.9% | 6.1% | - |
| Earnings per share attributable to owners of the parent - basic | 83.28 | 46.26 | - | 49.04 | 40.67 | - |
| Earnings per share attributable to owners of the parent - diluted | 83.28 | 46.26 | - | 49.04 | 40.67 | - |
Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2020:
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, 2020 is scheduled for 09:00 a.m. EDT on Monday, October 26, 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 six months ended September 30, 2020, 29.7% of its consolidated sales were represented by small precision motors; 19.8% by automotive products; 36.4% by appliance, commercial and industrial products; 9.9% by machinery; 3.9% 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 | |
