KYOTO, Japan, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) 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)
Yen in millions, except for per share amounts and percentages | Six months ended September 30, | Increase (Decrease) % | Three months ended September 30, | Increase (Decrease)% | ||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Net sales | 751,277 | 755,447 | (0.6%) | 390,403 | 383,224 | 1.9% | ||||||
Operating profit | 62,207 | 96,168 | (35.3%) | 34,396 | 50,475 | (31.9%) | ||||||
Ratio of operating profit to net sales | 8.3% | 12.7% | - | 8.8% | 13.2% | - | ||||||
Profit before income taxes | 63,750 | 95,743 | (33.4%) | 32,636 | 49,855 | (34.5%) | ||||||
Ratio of profit before income taxes to net sales | 8.5% | 12.7% | - | 8.4% | 13.0% | - | ||||||
Profit attributable to owners of the parent | 27,561 | 78,428 | (64.9%) | 24,154 | 41,141 | (41.3%) | ||||||
Ratio of profit attributable to owners of the parent to net sales | 3.7% | 10.4% | - | 6.2% | 10.7% | - | ||||||
Earnings per share attributable to owners of the parent -Basic | 93.65 | 265.57 | - | 82.07 | 139.50 | - | ||||||
Earnings per share attributable to owners of the parent -Diluted | 93.65 | 265.57 | - | 82.07 | 139.50 | - |
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/conference
About Nidec Corporation
Nidec Corporation (TSE: 6594) NJDCY is a global leader in electric motor drive technology. For the six months ended September 30, 2019, 29.3% of its consolidated sales were represented by small precision motors; 20.1% by automotive products; 36.0% by appliance, commercial and industrial products; 10.3% by machinery; 4.1% by electronic and optical components, and 0.3% by the remaining products lines. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its current Chairman and CEO.
Contact: | |
Masahiro Nagayasu | |
General Manager | |
Investor Relations | |
+81-75-935-6140 | |
ir@nidec.com |
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.