KYOTO, Japan, Oct. 26, 2010 (GLOBE NEWSWIRE) -- Nidec Corporation (the "Company") (NYSE:NJ) today announced differences between its financial forecast for the six months ended September 30, 2010 (announced on April 26, 2010) and the actual financial results released today. In this connection, the Company has also revised its financial forecast for the fiscal year ending March 31, 2011.
The details are as follows.
1. Differences between Projected and Actual Financial Results for Six Months Ended September 30, 2010 (U.S. GAAP)
2. Revised Consolidated Financial Forecasts (U.S. GAAP) for the Year Ending March 31, 2011
3. Factors behind the Differences between Projected and Actual Six Months Results and Reasons for Revising Full-year Forecast
The Company's consolidated net sales and operating income for the six months ended September 30, 2010 increased in all product groups from the same period of the previous year to exceed the original guidance (announced on April 26, 2010), despite the customers' inventory adjustments performed in certain areas of markets the Company serves. Income from continuing operations before income taxes and net income also increased significantly from the same period of the previous year, but fell short of the original guidance due to foreign exchange losses stemming from an accelerated appreciation of the yen.
In anticipation of new revenue contributions from Emerson's Motors & Controls operations (which the Company completed acquiring on September 30, 2010), the Company now expects higher full-year sales and has revised upward its sales forecast for the year ending March 2011 to 700 billion yen.
The provided financial forecast assumes the exchange rates of 80 yen against the U.S. dollar and 105 yen against the euro for the second half of the fiscal year ending March 31, 2011. Yen exchange rates against Asian currencies have been set in relation to the exchange rates between the U.S. Dollar and the respective Asian currencies.
Disclaimer Regarding Forward-looking Statements
This press release material contains forward-looking statements including expectations, judgement, plans, and strategies. The forward-looking statements are based on management's assumptions and belief in light of the information currently available. Certain risks, uncertainties and other factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to: fluctuation of currency exchange rates, overall supply and customer demand in the motor industry, product development and production capabilities, performance of affiliated companies, and other risks and uncertainties. Nidec undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date the statements are made.
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CONTACT: Nidec Corporation Investor Relations Masahiro Nagayasu,General Manager +81-75-935-6140 ir@jp.nidec.com