By Kosaku Narioka

Nidec Corp. on Thursday named founder Shigenobu Nagamori as chief executive, as the Japanese electric-motor maker posted a 5.0% drop in its fourth-quarter net profit amid supply-chain disruptions.

Nidec said Jun Seki, who had replaced Mr. Nagamori as CEO in June 2021, would become chief operating officer. Mr. Nagamori continues to serve as chairman, the company said.

Nidec's net profit fell to 36.43 billion yen ($284.9 million) for the quarter ended March 31 from Y38.33 billion a year earlier, dragged by weaker results in its small precision motors and automotive products businesses.

Fourth-quarter net profit missed the estimate of Y45.83 billion in a poll of analysts by FactSet.

Operating profit from its small precision motors business fell to Y5.31 billion from Y15.70 billion a year earlier, while its automotive products business posted an operating loss.

Nidec said it expected revenue to rise 9.5% to Y2.100 trillion and net profit to increase 21% to Y165.00 billion for the fiscal year that started in April.

The company said, however, that uncertainty in the business environment is increasing due to higher costs of raw materials, supply-chain disruption and Covid-19 lockdowns in China.


Write to Kosaku Narioka at kosaku.narioka@wsj.com


(END) Dow Jones Newswires

04-21-22 0330ET