Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2021

Rhea-AI Summary

Nidec Corporation (OTC US: NJDCY) reported record net sales of ¥910.7 billion for the first half of FY2021, an increase of 21.1% year-over-year. Operating profit rose by 30.4% to ¥90.2 billion, with a profit attributable to owners up 38.6% to ¥67.6 billion. The company improved its operating profit ratio for its Appliance, Commercial, and Industrial Products to 10.7%. Additionally, Nidec revised its full-year financial forecasts upward, with EPS reaching ¥115.49.

Positive

• Record net sales of ¥910.7 billion, up 21.1% year-over-year.
• Operating profit increased by 30.4% to ¥90.2 billion.
• Profit attributable to owners rose 38.6% to ¥67.6 billion.
• Upward revision of full-year FY2021 financial forecasts.
• EPS of ¥115.49, showing strong earnings growth.

Negative

• None.

KYOTO, Japan, Oct. 26, 2021 (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, 2021 through September 30, 2021.

The highlights are as follows:

• First half net sales stood at a record high of ¥910.7 billion, 21.1% higher Y/Y. Operating profit increased 30.4% Y/Y to ¥90.2 billion.
  
• Quarterly operating profit ratio of Appliance, Commercial and Industrial Products has improved steadily. 1H/FY21 operating profit ratio of the product category reached 10.7%.
  
• Profit attributable to owners of the parent increased 38.6% Y/Y to ¥67.6 billion.
  
• Upward revision to full-year FY2021 financial forecasts.
  
• EPS: ¥115.49 (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) %
		2021		2020				2021		2020
	Net sales	910,668		751,794		21.1%		463,198		414,918		11.6%
	Operating profit	90,196		69,174		30.4%		45,641		41,381		10.3%
	Ratio of operating profit to net sales	9.9%		9.2%		-		9.9%		10.0%		-
	Profit before income taxes	88,155		65,999		33.6%		44,403		38,589		15.1%
	Ratio of profit before income taxes to net sales	9.7%		8.8%		-		9.6%		9.3%		-
	Profit attributable to owners of the parent	67,610		48,778		38.6%		34,159		28,720		18.9%
	Ratio of profit attributable to owners of the parent to net sales	7.4%		6.5%		-		7.4%		6.9%		-
	Earnings per share attributable to owners of the parent - basic	115.49		83.28		-		58.36		49.03		-
	Earnings per share attributable to owners of the parent - diluted	115.49		83.28		-		58.36		49.03		-

Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2021:
https://www.nidec.com/en/ir/news/2021/news1026-02/

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, 2021 is scheduled for 09:00 a.m. EDT on Tuesday, October 26, 2021. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conference

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, 2021, 22.5% of its consolidated sales were represented by small precision motors; 21.7% by automotive products; 41.5% by appliance, commercial and industrial products; 10.5% by machinery; 3.6% 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.

Contact:
	Masahiro Nagayasu
	General Manager
	Investor Relations
	+81-75-935-6140
	ir@nidec.com

 

FAQ

What were Nidec's net sales for the first half of FY2021?

Nidec's net sales for the first half of FY2021 were a record high of ¥910.7 billion.

How much did Nidec's operating profit increase in the first half of FY2021?

Nidec's operating profit increased by 30.4% year-over-year, reaching ¥90.2 billion.

What is the EPS reported by Nidec for the first half of FY2021?

Nidec reported an earnings per share (EPS) of ¥115.49 for the first half of FY2021.

Has Nidec revised its financial forecasts for FY2021?

Yes, Nidec has made an upward revision to its full-year FY2021 financial forecasts.