Japanese electric motors maker Nidec Corp. (NJDCY, NNDNF) reported Tuesday that its third-quarter profit declined, despite higher net sales. Further, the company trimmed full year earnings view, but raised sales forecast. Nidec also announced share buyback. In Japan, the shares were gaining around 3 percent.
The third-quarter profit attributable to owners of the parent fell 46.7 percent to 17.43 billion Yen from 32.70 billion Yen in the same quarter year ago.
Earnings per share were 30.32 yen, down from 55.94 yen a year ago.
Operating profit declined 36.8 percent from last year to 28.04 billion Yen.
Net sales for the period, however, increased 14.6 percent to 568.98 billion Yen from 496.54 billion Yen in the previous year.
Looking forward for the full year ending March 31, 2023, Nidec now expects attributable profit of 60 billion yen or 104.24 yen per share, and operating profit of 110 billion yen.
The company previously expected attributable profit of 165 billion yen or 286.65 yen, and operating profit of 210 billion yen. From last year, the company expects attributable profit to be down 63.6 percent, and operating profit to be down 47.6 percent.
However, Nidec now expects net sales of 2.20 trillion Yen, higher than previous view of 2.10 trillion yen, and representing a growth of 4.8 percent from last year.
Separately, Nidec said its Board of Directors has authorized a new share repurchase plan at a meeting held on January 24, to repurchase up to 5 million shares from January 25, 2023 through January 24, 2024 for 35 billion yen.
In Japan, Nidec shares were trading at 7,551 yen, up 2.93 percent.
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