TOKYO (Reuters) – Japanese electric motor maker Nidec Corp on Monday posted its first quarterly operating loss in a decade, of 24.3 billion yen ($181.01 million), as restructuring costs hurt results.
The result for the final January-March quarter compared to an average estimate for a 11.75 billion yen loss by eight analysts surveyed by Refinitiv, and a swing from the 36.9 billion yen profit in the same period a year earlier.
For the business year that began April 1, the Kyoto-based firm forecast operating profit of 220 billion yen, versus an average 210.87 billion yen forecast by 21 analysts.
($1 = 134.2500 yen)
(Reporting by Daniel Leussink; Editing by David Dolan)
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