Nidec (NJDCY) shares gained another 7.69% today, after the maker of electric motors for hard drives, robots, and electric vehicles, raised its annual outlook for the fiscal year that ends on March 31. The new outlook forecasts operating income of 155 billion yen ($1.5 billion) versus the older forecast of 140 billion yen.
The company authorized share buybacks of up to 50 billion yen, or about 0.7% of the company’s stock.
The increased forecast comes after the company reported that its automotive unit, which includes the electric vehicle motor and drive train business, saw sales reach a record for the April to December period.
The New York traded ADRs are up 10% for 2021 as of the close of trading today, January 25, and have gained 94% over the last year.
I just recently, as of today January 25, added Nidec to my new Millennial Portfolio on my JubakAM.Com subscription site. The ADRs have been a member of my long-term 50 Stocks Portfolio on this site since July 11,2017. They were up 188% as of the January 25, 2021 close.