By Kosaku Narioka
Nidec Corp. shares fell sharply Wednesday morning after the Japanese electric-motor maker posted disappointing third-quarter results and downgraded its fiscal-year profit guidance.
The company's shares were recently 5.6% lower at 7,126 yen after falling as much as 7.0% earlier.
Nidec said Tuesday after market close that net profit for the quarter ended Dec. 31 fell 47% from a year earlier to Y17.43 billion ($133.9 million). That missed the estimate of Y42.90 billion from a poll of analysts by Visible Alpha.
Operating profit from its small precision-motor business dropped to Y4.88 billion from Y14.03 billion a year earlier, while its automotive-products business posted an operating loss.
Third-quarter revenue rose 15% to Y568.98 billion.
The company lowered its net profit projection for the fiscal year ending in March, citing difficult business conditions and restructuring costs.
Nidec now expects fiscal-year net profit to drop 56% to Y60.00 billion, down from its previous forecast of Y165.00 billion.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswires
January 24, 2023 20:34 ET (01:34 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.