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NIDEC CORPORATION, First Half Net Income Decreases by 29%

Wed Oct 23, 2024 3:15 pm JST Earnings

6594 NIDEC CORPORATION 【IFRS】

Earnings Report

NIDEC CORPORATION <6594> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 23rd (15:15). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 28.5% from the same period last year to 75.5 billion yen, fell short of the previous forecast of 97 billion yen.

The progress rate against the 185 billion yen full-year plan was 40.8%, also falling below the five-year average of 87.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to surge by 5.7 times that of the same period last year, reaching 109 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income significantly dropped to 19.5 billion yen, a 53.1% decrease compared to the same period last year. However, the operating profit margin remained almost flat, changing from 9.3% in the same period last year to 9.4%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2022 1,118,571 88,670 110,677 80,571 75.2 100.2 Oct 24, 2022 IFRS
Apr - Sep, 2023 1,157,448 115,309 144,886 105,710 92.0 71.8 Oct 23, 2023 IFRS
Apr - Sep, 2024 1,293,811 120,474 99,648 75,377 65.6 39.9 Oct 23, 2024 IFRS
YoY +11.8% +4.5% -31.2% -28.7% -28.7%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2024 Guidance 1,300,000 115,000 130,000 97,000 84.4 20 Jul 23, 2024 IFRS
Apr - Sep, 2024 Results 1,293,811 120,474 99,648 75,377 65.6 20 Oct 23, 2024 IFRS
Revision Rate -0.5% +4.8% -23.3% -22.3% -22.3%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2023 1,189,711 46,547 56,783 18,745 16.3 20 Apr 23, 2024 IFRS
Oct - Mar, 2024 Guidance 1,206,189 119,526 150,352 109,623 95.5 20 Oct 23, 2024 IFRS
YoY +1.4% +156.8% +164.8% +484.8% +485.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 2,230,027 89,923 110,435 36,982 32.1 35 Apr 24, 2023 IFRS
Mar, 2024 2,347,159 161,856 201,669 124,455 108.3 37.50 Apr 23, 2024 IFRS
Mar, 2025 Guidance 2,500,000 240,000 250,000 185,000 161.1 40 Jul 23, 2024 IFRS
YoY +6.5% +48.3% +24.0% +48.6% +48.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 593,086 55,133 58,781 41,644 36.2 9.3 Oct 23, 2023 IFRS
Oct - Dec, 2023 587,625 51,795 46,641 38,527 33.9 8.8 Jan 24, 2024 IFRS
Jan - Mar, 2024 602,086 -5,248 10,142 -19,782 -17.2 -0.9 Apr 23, 2024 IFRS
Apr - Jun, 2024 648,166 60,062 78,406 55,987 48.7 9.3 Jul 23, 2024 IFRS
Jul - Sep, 2024 645,645 60,412 21,242 19,390 16.9 9.4 Oct 23, 2024 IFRS
YoY +8.9% +9.6% -63.9% -53.4% -53.4%

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