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Nidec Announces Financial Results For Third Quarter And Nine Months Ended December 31, 2010

KYOTO, Japan, Jan. 25, 2011 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced consolidated results under U.S. GAAP for the third quarter (October-December 2010) and nine months (April-December 2010) of its fiscal year ending March 31, 2011.

The following are the highlights:

  • Nine-month Operating Income Up Over 40% Y/Y to a Record High.
  • General Motors* (including formerly Emerson Motors & Controls operations) Nine-month Operating Income Swung to Positive.
  • Projected Year-end Dividend and Annual Dividend Revised Upward to 45 Yen (Up 5 Yen), and 85 Yen, Respectively.

* The product group previously classified as "Mid-size Motors" has been renamed "General Motors," reflecting the inclusion of Large-size motor lines of U.S. Emerson's Motors & Controls operations (acquisition transaction completed on Sep. 30, 2010).

Consolidated Results of Operations (unaudited) Yen in millions (except for per share amounts)
  Nine months ended December 31 Increase (Decrease) Three months ended December 31 Increase (Decrease)
  2010 2009   2010 2009  
  (unaudited)   (unaudited)  
Net sales 520,046 421,134 23.5% 179,255 152,391 17.6%
Operating income 73,551 51,837 41.9% 22,029 23,516 (6.3%)
Ratio of operating income to net sales 14.1% 12.3% -- 12.3% 15.4% --
Income from continuing operations before income taxes 61,330 47,773 28.4% 20,037 25,299 (20.8%)
Ratio of income from continuing operations before income taxes to net sales 11.8% 11.3% -- 11.2% 16.6% --
Net income attributable to Nidec Corporation 40,830 30,103 35.6% 13,816 16,315 (15.3%)
Ratio of net income attributable to Nidec Corporation to net sales 7.9% 7.1% -- 7.7% 10.7% --
Net income attributable to Nidec Corporation stockholders per share-basic 293.02 216.12 -- 99.08 117.13 --
Net income attributable to Nidec Corporation stockholders per share-diluted 285.75 -- -- 92.72 --  

Full copy of the financial statements for Nidec's third quarter and nine months ended December 31, 2010: http://www.nidec.co.jp/english/ir/lib/indexdata2/2011/Q3_3.pdf

A conference call webcast (audio-only, user-control slides attached) discussing Nidec's financial results for the third quarter and nine months ended December 31, 2010 is scheduled for 09:00 a.m. EST on Tuesday, January 25, 2011. To listen to the webcast, please visit Nidec website at:  http://www.nidec.co.jp/english/ir/information/FY10Q3

About Nidec Corporation

Nidec Corporation (NYSE:NJ) (Tokyo/Osaka: 6594) is a global leader in electric motor drive technology. For the nine months ended December 31, 2010, "Small Precision Motors" and "General Motors" represented 65.5% of the total sales; "Electronic and Optical Components," "Machinery," and "Others" comprised the remainder. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its current President and CEO.

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