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TheStreet Open House

Nidec Announces Differences Between Projected And Actual Financial Results For First-Half FY2010 And Raises Full-Year FY2010 Guidance

KYOTO, Japan, Oct. 26, 2010 (GLOBE NEWSWIRE) -- Nidec Corporation (the "Company") (NYSE:NJ) today announced differences between its financial forecast for the six months ended September 30, 2010 (announced on April 26, 2010) and the actual financial results released today. In this connection, the Company has also revised its financial forecast for the fiscal year ending March 31, 2011.

The details are as follows.

1. Differences between Projected and Actual Financial Results for Six Months Ended September 30, 2010 (U.S. GAAP)

From April 1, 2010 to September 30, 2010 (Millions of yen, except per share amounts and percentages)
  For the six months ended September 30, 2010 For the six months
  Forecast   Change  ended 
   (as of April 26, 2010) Actual Amount %  September 30, 2009
Net sales 310,000 340,791 30,791 9.9 268,743
Operating income 45,000 51,522 6,522 14.5 28,321
Income from continuing operations before income taxes  43,000 41,293 (1,707) (4.0) 22,474
Net income (attributable to the Company)  28,000 27,014 (986) (3.5) 13,788
Earnings per share (attributable to the Company) 201.02 193.94 -- -- 98.99

2. Revised Consolidated Financial Forecasts (U.S. GAAP) for the Year Ending March 31, 2011

From April 1, 2010 to March 31, 2011 (Millions of yen, except per share amounts and percentages)
  For the year ending March 31, 2011  
  Previous forecast Revised Change For the year ended 
  (as of April 26, 2010) Forecast Amount %  March 31, 2010
Net sales 660,000 700,000 40,000 6.1 587,459
Operating income 100,000 100,000 -- -- 78,342
Income from continuing operations before income taxes  95,000 95,000 -- -- 75,002
Net income (attributable to the Company)  63,000 63,000 -- -- 51,961
Earnings per share (attributable to the Company) 452.29 452.29 -- -- 373.04

3. Factors behind the Differences between Projected and Actual Six Months Results and Reasons for Revising Full-year Forecast

The Company's consolidated net sales and operating income for the six months ended September 30, 2010 increased in all product groups from the same period of the previous year to exceed the original guidance (announced on April 26, 2010), despite the customers' inventory adjustments performed in certain areas of markets the Company serves. Income from continuing operations before income taxes and net income also increased significantly from the same period of the previous year, but fell short of the original guidance due to foreign exchange losses stemming from an accelerated appreciation of the yen. 

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