KYOTO, Japan, July 23, 2014 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") today announced an upward revision to its U.S. GAAP-based consolidated fiscal first-half and year-end financial forecasts and dividend projections for the year ending March 31, 2015, originally announced on April 22, 2014.
Revised consolidated financial forecasts (U.S. GAAP) for the six months ending September 30, 2014
|
From April 1, 2014 to September 30, 2014 (Millions of yen, except for per share amounts and percentages) |
|
|
For the six months ending September 30, 2014 |
|
|
|
Previous
forecast
(April 22, 2014) |
Revised
Forecast |
Change
(amount) |
Change
(percent) |
(Reference)
For the six months
ended September
30, 2013 |
|
Net sales |
450,000 |
460,000 |
10,000 |
2.2% |
429,634 |
|
Operating income |
45,000 |
50,000 |
5,000 |
11.1% |
39,337 |
|
Income before taxes |
44,000 |
49,000 |
5,000 |
11.4% |
38,441 |
|
Net income attributable to Nidec Corporation |
29,500 |
33,500 |
4,000 |
13.6% |
27,103 |
|
Net income attributable to Nidec Corporation per share-basic* |
106.96 |
121.46 |
-- |
-- |
100.99 |
Revised consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2015
|
From April 1, 2014 to March 31, 2015 (Millions of yen, except for per share amounts and percentages) |
|
|
For the year ending March 31, 2015 |
|
|
|
Previous
forecast
(April 22, 2014) |
Revised
Forecast |
Change
(amount) |
Change
(percent) |
(Reference)
For the year ended
March 31, 2014 |
|
Net sales |
950,000 |
960,000 |
10,000 |
1.1 % |
875,109 |
|
Operating income |
100,000 |
105,000 |
5,000 |
5.0 % |
85,068 |
|
Income before taxes |
98,000 |
103,000 |
5,000 |
5.1 % |
84,664 |
|
Net income attributable to Nidec Corporation |
65,000 |
69,000 |
4,000 |
6.2 % |
56,404 |
|
Net income attributable to Nidec Corporation per share-basic* |
235.67 |
250.18 |
-- |
-- |
207.31 |
* The Company implemented a two-for-one stock split of its common stock effective April 1, 2014. The previously reported net income attributable to Nidec Corporation per share-basic has been retroactively adjusted to reflect the stock split.
Reasons for the revision for the financial forecasts
Net sales and resulting profit for the three months ended June 30, 2014 exceeded the Company's expectations at the beginning of the period. In view of the favorable quarterly results, the Company has decided to revise upward its previously announced financial performance forecasts for six months ending September 30, 2014 and the fiscal year ending March 31, 2015 largely to the extent that the three-month results exceeded its original expectations.
Notes:
The exchange rates used for the preparation of the foregoing forecasts are US$1 = JPY100 and Euro1 = JPY135. The exchange rates between the relevant Asian currencies and the Japanese yen used for the preparation of the foregoing forecasts were determined assuming these exchange rates.
Revised interim and year-end dividend projections for the year ending March 31, 2015
Dividends per share (Yen) for the year ending March 31, 2015
|
|
|
|
|
Annual Dividends Per Share |
|
|
First
Quarter-end |
Second
Quarter-end |
Third
Quarter-end |
Fourth
Quarter-end |
Full Year |
Previous projection
(as of April 22, 2014) |
-- |
27.50 |
-- |
27.50 |
55.00 |
|
Revised projection |
-- |
30.00 |
-- |
30.00 |
60.00 |
Divided paid for the year
ending March 31, 2015 |
-- |
-- |
-- |
-- |
-- |
<Reference>
Dividend paid for the year
ended March 31, 2014* |
-- |
45.00 |
-- |
55.00 |
100.00 |
*The Company implemented a two-for-one stock split on its common stock as of March 31, 2014. Dividends paid for the year ended March 31, 2014 represent the actual payment amounts on a pre-split basis.
Reasons for the revision for dividend projections
The Company upholds shareholder-oriented management and places importance on regular dividend payments, seeking to increase its dividend payout to around 30% of the consolidated net income. Based on the stated upward revision to the Company's consolidated financial forecasts for the year ending March 31, 2015, the Company has revised upward both its interim and year-end dividend projections for the year ending March 31, 2015 from 27.50 yen per share to 30.00 yen per share, making the projected aggregate annual dividend 60.00 yen per share.
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the Company's current intent, plans, expectations and estimates. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, changes in customer circumstances and demand, exchange rate fluctuations, available funds, future alternative uses for cash, and general economic, business and market conditions. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements, except as required by law.
CONTACT: Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com
