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KYOTO, Japan, July 24, 2024--(BUSINESS WIRE)--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, 2024.
The highlights are as follows:
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Consolidated net sales and operating profit stood at record highs under the new management.
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Operating profit increased due to a shift to a highly profitable business portfolio in the Small Precision Motors, and the recording of gains on revaluation of shares following the consolidation of Nidec PSA eMotors SAS, a joint venture with Stellantis.
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Upward revision to FY24 Full-year and the 1H forecast.
Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)
| Yen in millions except for per share amounts and percentages | Three months ended June 30 | Change % | |
|
| 2024 | 2023 | |
| Net sales | 648,166 | 564,362 | 14.8% |
| Operating profit | 60,259 | 60,176 | 0.1% |
| Ratio of operating profit to net sales | 9.3% | 10.7% | - |
| Profit before income taxes | 78,603 | 86,105 | (8.7)% |
| Ratio of profit before income taxes to net sales | 12.1% | 15.3% | - |
| Profit attributable to owners of the parent | 56,044 | 64,066 | (12.5)% |
| Ratio of profit attributable to owners of the parent to net sales | 8.6% | 11.4% | - |
| Earnings per share attributable to owners of the parent -Basic | 97.5 | 111.5 | - |
| Earnings per share attributable to owners of the parent -Diluted | 97.5 | 111.5 | - |
| * | Each of the shares of the Company’s common stock held by shareholders included or recorded in the final register of shareholders as of the record date of September 30, 2024 will be split into two shares (Effective date is October 1, 2024). The above "Earnings per share attributable to owners of the parent-basic" and "Earnings per share attributable to owners of the parent-diluted" for the three months ended June 30, 2024 and the three months ended June 30, 2023 do not consider the share split. |
Full copy of Nidec’s financial statements for the three-month period ended June 30, 2024:
https://www.nidec.com/en/ir/news/2024/news0723-02/
A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal first quarter ended June 30, 2024 is scheduled for Wednesday, July 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 first quarter ended June 30, 2024, 18.3% of its consolidated sales were represented by small precision motors; 25.6% by automotive products; 41.0% by appliance, commercial and industrial products; 11.6% by machinery; 3.4% by electronic and optical components, and 0.1% by the remaining products lines. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its Founder and Chairman of the Board.