Nidec Announces Financial Results for Fiscal Year Ended March 31, 2024

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Neutral)

Tags

earnings

04/23/2024 - 02:15 AM

KYOTO, Japan--(BUSINESS WIRE)-- Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the fiscal year ended March 31, 2024.

The highlights are as follows:

FY23 consolidated net sales and profit before income taxes stood at record highs.
FY23 operating profit was 163.1 billion yen, as a result of 59.8 billion yen of structural reform expenses recorded due to strategic shift to improve the financial soundness and profitability of the Battery EV related business.
We project 40 yen of interim dividend and 80 yen of aggregate annual dividend for the year ending March 31, 2025.
EPS: ¥218.22 (basic and diluted)

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

Yen in millions, except for per share amounts and percentages	Year ended March 31,		Increase (Decrease) %	Three months ended March 31,		Increase (Decrease) %
	2024	2023	Increase (Decrease) %	2024	2023	Increase (Decrease) %
Net sales	2,348,202	2,242,824	4.7%	593,514	543,077	9.3%
Operating profit	163,106	100,028	63.1%	(6,172)	(24,376)	-
Ratio of operating profit to net sales	6.9%	4.5%	-	(1.0%)	(4.5%)	-
Profit before income taxes	202,919	120,540	68.3%	9,218	(21,404)	-
Ratio of profit before income taxes to net sales	8.6%	5.4%	-	1.6%	(3.9%)	-
Profit attributable to owners of the parent	125,387	44,964	178.9%	(20,492)	(59,113)	-
Ratio of profit attributable to owners of the parent to net sales	5.3%	2.0%	-	(3.5%)	(10.9%)	-
Earnings per share attributable to owners of the parent - basic (Yen)	218.22	78.12	-	(35.66)	(102.89)	-
Earnings per share attributable to owners of the parent - diluted (Yen)	-	-	-	-	-	-

Full copy of Nidec’s financial statements for the year ended March 31, 2024:
https://www.nidec.com/en/ir/news/2024/news0423-02/

A webcast (audio-only) discussing Nidec’s financial results for the year ended March 31, 2024 is scheduled for 10:00 a.m. JST on Wednesday, April 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 year ended March 31, 2024, 17.7% of its consolidated sales were represented by small precision motors; 24.7% by automotive products; 41.1% by appliance, commercial and industrial products; 12.8% by machinery; 3.5% 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 Founder and Executive Chairman.