Nidec Q3 Profit Down; Cuts FY Earnings View, Lifts Sales Forecast; Stock Up

(RTTNews) - Japanese electric motors maker Nidec Corp. (NJDCY, NNDNF) reported Tuesday that its third-quarter profit declined, despite higher net sales. Further, the company trimmed full year earnings view, but raised sales forecast. Nidec also announced share buyback. In Japan, the shares were gaining around 3 percent.

The third-quarter profit attributable to owners of the parent fell 46.7 percent to 17.43 billion Yen from 32.70 billion Yen in the same quarter year ago.

Earnings per share were 30.32 yen, down from 55.94 yen a year ago.

Operating profit declined 36.8 percent from last year to 28.04 billion Yen.