Nidec Q3 Profit Climbs, Lifts Full Year View - Quick Facts

(RTTNews) - Nidec Corp. (NJ), a manufacturer of electric motors and related components, Thursday said third-quarter net income attributable to the company climbed to 21.32 billion yen from 15.95 billion yen in the previous year.

Earnings per share were 71.42 yen, in comparison with 54.24 yen last year.

Net sales increased to 264.26 billion yen from 217.09 billion yen in the prior year.

The company also announced an upward revision to its financial forecast and dividend target for the fiscal year ending March 31.

The firm now expects earnings of 75 billion yen or 269.64 yen per share, and net sales of 1 trillion yen. In November 2014, the firm had confirmed its annual outlook for net profit of 69 billion yen on sales of 960 billion yen.

According to the company, the upward revision is intended to reflect the record sales and profit increases for the nine months ended December 31, 2014, which exceeded the previously announced financial guidance.

Annual dividend per share is now expected to be 70.00 yen, compared to 100 yen announced last year. The firm implemented a two-for-one stock split of its common stock effective April 1, 2014. However, the actual amounts of dividends for the year ended March 31, 2014 have not been retroactively adjusted and are shown on a pre-stock split basis.

Separately, the firm said its Board of Directors has authorized a new share repurchase plan from January 27, 2015 through January 26, 2016, to buy back up to 4 million shares for up to 24 billion yen.