By Kosaku NariokaNidec Corp. shares rose sharply Friday morning after its first-quarter net profit rose 55% from a year earlier, beating analysts' expectations, thanks partly to a sharp recovery in its auto-parts business. The company's shares were recently 8.9% higher at 8,477 yen after rising as much as 9.1% earlier. The Japanese electric-motor maker said Thursday after market close that net profit rose 55% from a year earlier to Y64.04 billion ($457.2 million) for the quarter ended June. First-quarter operating profit for automotive products recovered sharply to Y11.03 billion from a Y32 million loss a year earlier. It expects fiscal-year revenue for the EV-traction motors business to rise to Y78.1 billion from Y54.0 billion the previous fiscal year.

Source: Wall Street Journal July 21, 2023 13:39 UTC