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Nidec Revises Consolidated Financial Forecasts For The Year Ending March 31, 2013 Downward

Stocks in this article: NJ

KYOTO, Japan, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced a downward revision on its consolidated financial forecasts (announced on April 24, 2012) for the year ending March 31, 2013 as follows.

1. Revised consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2013

From April 1, 2012 to March 31, 2013 (Millions of yen, except per share amounts and percentages)

  For the year ending March 31, 2013 For the year ended March 31, 2012
  Previous forecast (April 24, 2012) Revised Forecast Change (amount) Change (percent)
Net sales 780,000 720,000 (60,000) (7.7 %) 682,320
Operating income 95,000 80,000 (15,000) (15.8%) 73,070
Income from continuing operations before income taxes 87,000 71,000 (16,000) (18.4 %) 70,856
Net income attributable to Nidec Corporation 57,000 50,000 (7,000) (12.3 %) 40,731
Net income attributable to Nidec Corporation per share-basic 423.63 370.45 -- -- 296.25

2. Reasons for the revision

As the economic deterioration in Europe continues to have an adverse effect on the global economy, including China and other emerging economies, the demand for our products is expected to decrease further. In light of this trend and other factors, we have reviewed our previously announced financial performance forecasts, which were based on our assumption that the trend would reverse and the demand would increase in the six months ending March 31, 2013, and have determined to revise downward our previously announced financial performance forecasts for the fiscal year ending March 31, 2013.

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