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Nidec Q1 Profit Climbs, Backs H1, FY View; In Talks To Form JV With Hon Hai Technology

Nidec Corp. (NJDCY.PK), a Japanese manufacturer of electric motors, reported Wednesday that its first-quarter profit attributable to owners of the parent climbed 89.5 percent to 38.70 billion Japanese yen from 20.42 billion yen in the prior year. On a per share basis, net income was 57.14 yen up from 34.24 yen in the previous year.

Operating profit for the quarter grew 60.3 percent to 44.56 billion yen from 27.79 billion yen in the prior year.

Quarterly net sales increased 32.8 percent to 447.47 billion yen from 336.88 billion yen last year.

Looking ahead for the first half, the company continues to expect attributable profit to be 60 billion yen or 102.44 yen per basic share, operating profit of 80 billion yen, and net sales of 800 billion yen. The outlook reflects a growth of 23 percent in attributable profit, 15.7 percent in operating profit and 6.4 percent in net sales.

Further, for the year ending March 31, 2022, the company still expects attributable profit of 140 billion yen or 239.02 yen per basic share, operating profit of 180 billion yen, and net sales of 1.70 trillion yen.

The outlook reflects a growth of 14.8 percent in attributable profit, 12.5 percent in operating profit and 5.1 percent in net sales.

Separately, Nidec said it has agreed to start discussions on establishing a joint venture with Hon Hai Technology Group and Foxtron Vehicle Technologies Co., Ltd. of Hon Hai Technology Group in Taiwan.

In Japan, Nidec shares were trading at 13,000 yen, up 2.4 percent.

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