Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31, 2021

Rhea-AI Summary

Nidec Corporation (OTC US: NJDCY) reported robust financial results for the nine months ending December 31, 2021. Net sales reached a record high of ¥1,407.2 billion, up 18.8% year-over-year. Operating profit increased 16.6% to ¥134.6 billion, while profit before income taxes rose 19.4% to ¥130.6 billion. The quarterly net sales for Q3 also set a record at ¥496.5 billion, marking a 7.2% quarter-over-quarter growth. Additionally, Nidec revised its year-end dividend forecast upward to ¥65 per share, with earnings per share recorded at ¥171.67.

Positive

• Record high net sales of ¥1,407.2 billion, up 18.8% Y/Y.
• Operating profit increased to ¥134.6 billion, up 16.6% Y/Y.
• Profit before income taxes reached ¥130.6 billion, a 19.4% Y/Y increase.
• Q3 net sales hit ¥496.5 billion, marking a 7.2% Q/Q growth.
• Year-end dividend forecast raised to ¥65 per share.

Negative

• Operating profit margin decreased slightly to 9.6% from 9.7% Y/Y.
• Q3 operating profit fell 4.4% Q/Q to ¥44.3 billion.

KYOTO, Japan, Jan. 26, 2022 (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 December 31, 2021.

The highlights are as follows:

• Nine months net sales stood at record high of ¥1,407.2 billion, 18.8% higher Y/Y.
  
• Nine months operating profit and profit before income taxes increased 16.6% Y/Y to ¥134.6 billion, 19.4% Y/Y to ¥130.6 billion, respectively. Both stood at record high.
  
• Q3 quarterly net sales increased 7.2% Q/Q to ¥496.5 billion, marking a record high for three consecutive quarters.
  
• Upward revision to year-end dividend forecast by ¥5 per share, resulting in the projected aggregate annual dividend ¥65 for FY2021.
  
• EPS: ¥171.67 (basic and diluted)

Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)

Yen in millions, except for per share amounts and percentages	Nine months ended December 31,				Increase (Decrease) %		Three months ended December 31,				Increase (Decrease) %
	2021		2020				2021		2020
Net sales	1,407,210		1,184,991		18.8	%	496,542		433,197		14.6	%
Operating profit	134,631		115,509		16.6	%	44,308		46,335		(4.4	%)
Ratio of operating profit to net sales	9.6	%	9.7	%	-		8.9	%	10.7	%	-
Profit before income taxes	130,554		109,314		19.4	%	42,272		43,315		(2.4	%)
Ratio of profit before income taxes to net sales	9.3	%	9.2	%	-		8.5	%	10.0	%	-
Profit attributable to owners of the parent	100,443		83,615		20.1	%	32,676		34,837		(6.2	%)
Ratio of profit attributable to owners of the parent to net sales	7.1	%	7.1	%	-		6.6	%	8.0	%	-
Earnings per share attributable to owners of the parent
- basic	171.67		142.75		-		55.90		59.48		-
Earnings per share attributable to owners of the parent
- diluted	171.67		142.75		-		55.90		59.48		-

Full copy of Nidec’s financial statements for the third quarter and nine months ended December 31, 2021:
https://www.nidec.com/en/ir/news/2022/news0126-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the third quarter and nine months ended December 31, 2021 is scheduled for 09:00 a.m. EST on Wednesday, January 26, 2022. 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 nine months ended December 31, 2021, 22.8% of its consolidated sales were represented by small precision motors; 21.4% by automotive products; 40.9% by appliance, commercial and industrial products; 11.0% by machinery; 3.7% 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 nine months ended December 31, 2021?

Nidec's net sales for the nine months ended December 31, 2021, were ¥1,407.2 billion.

How much did Nidec's operating profit increase year-over-year?

Nidec's operating profit increased by 16.6% year-over-year to ¥134.6 billion.

What is the expected dividend for Nidec for FY2021?

Nidec has revised its year-end dividend forecast to ¥65 per share for FY2021.

How did Nidec's Q3 net sales compare to the previous quarter?

Nidec's Q3 net sales increased by 7.2% quarter-over-quarter to ¥496.5 billion.

What is Nidec's earnings per share for the nine months ended December 31, 2021?

Nidec's earnings per share for the nine months ended December 31, 2021, were ¥171.67.