TOKYO (Reuters) -Japanese electric motor maker Nidec Corp slashed its full-year operating profit forecast by nearly half on Tuesday as it faced pressure from weakening demand for technology goods and a slower-than-expected recovery of the global car industry.
The company cut its operating profit forecast for the financial year through March by 48% to 110 billion yen ($845 million).
That was worse than expectations for a full-year operating profit of 202.5 billion yen based on estimates from 20 analysts, Refinitiv data showed.
For the third quarter through December, the Kyoto-based firm reported an operating profit of 28 billion yen, down 37% from 44.3 billion yen a year earlier. That was also lower than a 51.34 billion yen average profit estimated by six analysts.
The decline was partly due to structural reform expenses that shaved off 11 billion yen from the quarterly operating profit, mostly in the automotive business where…
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