Nidec Announces Financial Results for Fiscal First Quarter Ended June 30, 2023

July 20, 2023 at 02:15 AM EDT

Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) today announced its consolidated results under the International Financial Reporting Standards (“IFRS”) for the three-month period ended June 30, 2023.

The highlights are as follows:

Net sales increased 4.8% Y/Y to ¥566.1 billion.
Operating profit increased 34.7% Y/Y to ¥60.2 billion, marking a record high on a quarterly basis.
Profit before income taxes increased 51.0% Y/Y to ¥86.1 billion after foreign currency gain of ¥24.3 billion posted, and marked a record high on a quarterly basis.
Profit attributable to owners of the parent increased 55.0% Y/Y to ¥64.0 billion, marking a record high on a quarterly basis.
Quarterly operating profit of Appliance, Commercial and Industrial Products segment, one of our mid-term growth drivers, marked a record high.
EPS: ¥111.45 (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 %
	2023	2022	Change %
Net sales	566,055	540,369	4.8%
Operating profit	60,152	44,660	34.7%
Ratio of operating profit to net sales	10.6%	8.3%	-
Profit before income taxes	86,081	56,989	51.0%
Ratio of profit before income taxes to net sales	15.2%	10.5%	-
Profit attributable to owners of the parent	64,041	41,321	55.0 %
Ratio of profit attributable to owners of the parent to net sales	11.3%	7.6%	-
Earnings per share attributable to owners of the parent -Basic	111.45	71.50	-
Earnings per share attributable to owners of the parent -Diluted	111.45	71.50	-

Full copy of Nidec’s financial statements for the three-month period ended June 30, 2023:

https://www.nidec.com/en/ir/news/2023/news0720-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal first quarter ended June 30, 2023 is scheduled for 09:00 a.m. EDT on Thursday, July 20, 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 first quarter ended June 30, 2023, 16.9% of its consolidated sales were represented by small precision motors; 24.3% by automotive products; 42.2% by appliance, commercial and industrial products; 12.5% 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.