Nidec Announces Differences between Projected and Actual Financial Results for First-Half FY2023

Rhea-AI Summary

Nidec Corporation announces differences between financial forecast and actual results for the six months ended September 30, 2023

Positive

• Nidec Corporation's net sales for the six months ended September 30, 2023 exceeded the previous forecast by 16.1%, reaching 1,160,662 million yen.
• Operating profit also exceeded the forecast by 15.8%, reaching 115,782 million yen.
• Profit before income taxes exceeded the forecast by 53.0%, reaching 145,359 million yen.
• Profit attributable to owners of the parent exceeded the forecast by 43.4%, reaching 106,081 million yen.

Negative

• None.

KYOTO, Japan--(BUSINESS WIRE)-- Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (the “Company”) today announced differences between its financial forecast for the six months ended September 30, 2023 (previously announced on April 24, 2023) and the actual financial results released today.

The details are as follows:
Differences between Projected and Actual Financial Results for Six Months Ended September 30, 2023 (IFRS)
From April 1, 2023 to September 30, 2023 (Millions of yen, except for per share amounts and percentages)
	For the six months ended September 30, 2023				(Reference) For the six months ended September 30, 2022
	Previous forecast (April 24, 2023)	Actual	Change (amount)	Change (percent)
Net sales	1,000,000	1,160,662	160,662	16.1%	1,130,767
Operating profit	100,000	115,782	15,782	15.8%	96,368
Profit before income taxes	95,000	145,359	50,359	53.0%	118,375
Profit attributable to owners of the parent	74,000	106,081	32,081	43.4%	86,649
Earnings per share attributable to owners of the parent-Basic	128.79	184.62	-	-	150.31

Factors behind the differences between projected and actual six months results
The Company’s consolidated net sales and operating profit for the six months ended September 30, 2023 exceeded the previous forecast (announced on April 24, 2023). This is because the yen depreciated more than expected against both the US dollar and the euro, and the Company improved sales amount, price and cost. Profit before income taxes and profit attributable to owners of the parent also exceeded the forecast after posting foreign currency gain of approx. 26 billion yen.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231022214662/en/

Nidec Corporation

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What are the differences between Nidec Corporation's financial forecast and actual results for the six months ended September 30, 2023?

Nidec Corporation's net sales, operating profit, profit before income taxes, and profit attributable to owners of the parent exceeded the previous forecast.

By how much did Nidec Corporation's net sales exceed the forecast?

Nidec Corporation's net sales exceeded the forecast by 16.1%, reaching 1,160,662 million yen.

What was the difference in operating profit compared to the forecast?

Operating profit exceeded the forecast by 15.8%, reaching 115,782 million yen.

How much did profit before income taxes exceed the forecast?

Profit before income taxes exceeded the forecast by 53.0%, reaching 145,359 million yen.

What was the difference in profit attributable to owners of the parent compared to the forecast?

Profit attributable to owners of the parent exceeded the forecast by 43.4%, reaching 106,081 million yen.