TOKYO - Monday, February 2nd 2015 [ME NewsWire]
(BUSINESS
WIRE) - NSK Ltd. (NSK)(TOKYO:6471) today announces its financial
results for the third quarter of the year ending March 2015. The company
achieved strong results for both sales and profit.
1. Business Overview
(1)
Qualitative Information Regarding Consolidated Business Results During
the first nine months of the year ending March 31, 2015, sentiment in
the Japanese economy showed signs of weakening due to continued
stagnation in consumer spending following the consumption tax rise,
among other factors. The U.S. economy continued to recover, backed by
robust domestic demand. The European economy also showed signs of an
upturn, primarily in the Eurozone, despite the impact of government debt
problems and geopolitical risks. In Asia, the pace of economic growth
in China slowed, while economic conditions in other Asian countries
remained weak overall.
Summary - Net sales: 711,903
million yen (+11.6% year-on-year) - Consolidated and operating income:
67,021 million yen (+49.9% year-on-year) - Ordinary income: 66,833
million yen (+48.8% year-on-year) - Net income after adjusting for
income taxes and minority interests: 43,725 million yen (+176.7%
year-on-year)
2. Business Segment Information
(1)
Industrial Machinery Business Demand in the industrial machinery
continued to gradually recover worldwide. Looking at results by region,
sales in Japan increased, primarily in the machine tool and
semiconductor sectors, driven by steady demand for smartphone-related
machinery. Sales in the Americas grew, primarily in the general
machinery sector. In Europe, sales increased due to steady demand in the
wind turbine and machine tool sectors. In China, although demand in the
construction machinery sector slowed, government stimulus policies
drove strong demand in the railway and wind turbine sectors., Despite
market stagnation, sales of industrial machinery bearings in the ASEAN
region grew, primarily in the aftermarket sector.
-Net
sales in the industrial machinery business: 202,889 million yen (+14.0%
year-on-year) -Operating income: 22,597 million yen (+45.8%
year-on-year)
(2) Automotive Business The global
automotive market continued its gradual expansion, driven by the strong
North American market, despite slower demand growth in China. Looking at
results by geographic breakdown, the automotive market in Japan was
slow to recover from the impact of the consumption tax rise, and sales
declined as NSK shifted part of its production overseas in line with
automakers’ requirements for local procurement. In the Americas, sales
increased due to strong market demand in North America in addition to
the effect of production transfer from Japan. In Europe, continued
recovery in the automotive market led to higher sales. In China,
electric power steering system (EPS) sales rose significantly due to the
intake of new orders, while sales of automotive bearings―primarily to
European and Japanese automakers―were also strong despite slower market
growth. In market conditions in other parts of Asia varied by country,
sales to Japanese and Korean automakers rose.
- Net
sales in the automotive business: 480,162 million yen (+11.0%
year-on-year) - Operating income totaled 46,906 million yen (+39.9%
year-on-year)
There are no revisions to the forecast of consolidated results from the previous announcement.
For more details of the financial results, please visit NSK’s web site at http://www.nsk.com/investors/
Safe
harbor statement This document is an English convenience translation of
a document that was originally prepared in the Japanese language and is
provided for convenience purposes only. NSK makes no representation or
warranty that this document is a complete or accurate translation of the
original Japanese text, and is not intended to be relied upon. In the
event that there is a discrepancy between the Japanese and English
versions, the Japanese version shall prevail. This document is not
intended and should not be construed as an inducement to purchase or
sell stock in NSK.
Contacts
NSK
Makiko Urushino
urushino@nsk.com
Fax:81-3-3779-7431
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