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Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2019

Written by Customer Service on . Posted in Public Companies.

KYOTO, Japan, Oct. 23, 2019 (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, 2019 through September 30, 2019.
The highlights are as follows:First-half net sales remain flat Y/Y and the annual forecast remains unchanged.First-half operating profit decreased by 35% Y/Y due to the additional R&D and start-up costs (approx. 8.5 billion yen) of traction motors which are in high demand, and to the additional acquisition related expenses of Embraco (approx. 3 billion yen) needed to promote the modularization strategy. R&D and start-up costs of traction motors will continue in the second-half (approx. 30 billion yen for full year) and on account of the above, the annual forecast has been revised down.First-half profit attributable to owners of the parent decreased by 65% Y/Y due to the loss (approx. 20 billion yen) related to the sale of Secop following the European Commission’s instructions. The annual forecast has been revised down based on the first-half results and second-half operating profit forecast. However, the annual dividend has been revised up by 5 yen to 115 yen.EPS: ¥93.65 (basic and diluted)                                                                   
Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2019:
https://www.nidec.com/en/ir/news/2019/news1023-01/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, 2019 is scheduled for 09:00 a.m. EDT on Thursday, October 24, 2019. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conferenceAbout Nidec Corporation

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