Japan-based Nidec Corp. (NJ: Quote) posted lower fourth-quarter net income attributable to the company of 9.08 billion yen or 61.98 yen per share compared with the prior year's 11.86 billion yen or 79.91 yen per share.
Net sales for the period declined 2.1% to 167.59 billion yen from 171.22 billion yen in the earlier year quarter.
However, operating income for the fourth quarter went up 6.2% year-over-year to 18.77 billion yen from 17.67 billion yen, reflecting a solid recovery from flood-induced damages.
Separately, Nidec Corp. and Nidec Sankyo Corp. have decided to enter into a share exchange transaction to make Nidec Sankyo a wholly owned unit of Nidec, and that the two companies have inked a Share Exchange Agreement.
by RTT Staff Writer
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