Nidec Q3 Profit Surges, Lifts FY14 Forecast; To Buy Back Shares - Quick Facts

(RTTNews) - Japanese electric motors company Nidec Corp. (NJ) Wednesday reported that its third-quarter net income attributable to the company was 15.95 billion yen or 108.47 yen per share, compared to last year's 894 million yen or 6.06 yen per share. Net sales climbed 27.9 percent to 217.09 billion yen from 169.67 billion yen a year ago.

Separately, the company revised its forecast for the year ending March 31 upwards, now expecting attributable net income of 56 billion yen or 411.65 yen per share, compared to previous forecast of 55 billion yen or 404.26 yen per share. This is in comparison to last year's net income of 7.99 billion yen or 59.28 yen per share.

Net sales are now expected to be 880 billion yen, higher than previous estimate of 850 billion yen, and last year's reported sales of 709.27 billion yen.

The company attributed the upward revision to its record consolidated sales and resulting profit increases for the nine months, which exceeded the previously announced financial guidance.

In addition, Nidec announced that it has resolved at a meeting of the Board of Directors held on January 22 to repurchase up to 2 million shares for up to 24 billion yen. The shares represent 1.45 percent of total number of shares issued, excluding treasury stock. The period of repurchase will be from January 27 through January 26, 2015.