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

Business Wire
·2-min read

KYOTO, Japan, April 23, 2024--(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)

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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

 

 

2024

 

2023

 

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240422741531/en/

Contacts

Teruaki Urago
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com