Nidec: Fiscal 2Q21 Financial Results

(in ¥ million)	1Q21	2Q21	Growth	1H20	1H21	Growth
Revenue	447,500	463,300	4%	751,794	910,668	21%
Operating profit	44,600	45,600	2%	69,200	90,200	30%

Nidec Corp. announced financial results for the quarter ended September 30, 2021.

Among its several businesses, there are motor application products, HDD motors, in which the firm is largely the WW leader.

Small Precision Motor: Quarterly Results

Nidec 2fq21 F1

Net sales of spindle motors for HDDs decreased 44% to ¥26,403 million for this most recent 3-month period compared to the same period of the previous year, and up 15% from the previous quarter. For the former quarter (1FQ21), revenue was down -38% Y/Y and -17% Q/Q.

This activity represented 5% of global revenue in 1FH21 at ¥49,440 down 41%Y/Y, due to the underproduction of customers caused by shortage of electronic components and the lockdown by Covid-19 at some plants of customers and others.

For September quarter, Nidec shipped 34.0 million total HDD spin motors, including 21.7 million for 2.5-inch HDDs and 12.3 million for 3.5-inch devices. ASP is $7.06.

HDD motor manufacturing is located in Thailand and the pandemic level of this country is treated by government is special as it allows to operate the plant as long the firm provides appropriate care to avoid clusters.

The HDD motor market structure change and the mobility and the mini EVs, which belong to this small precision motor segment, is expected to be the drivers going forward.

The company expects global revenue of ¥1.8 trillion in FY22 ending March 31, 2022.

Earnings call transcript