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Japan’s Nidec nearly doubles operating profit in third quarter



© Reuters. FILE PHOTO: Nidec Corp’s logo is pictured at an earnings results news conference in Tokyo, Japan, July 25, 2018. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) – Japanese electric motor maker Nidec Corp posted a 91% rise in third-quarter operating profit on Wednesday to 53.6 billion yen ($362 million), compared to 28.0 billion yen in the same period a year earlier.

The earnings for the three months to end-December were largely in line with a 55.6 billion yen profit estimated on average by eight analysts surveyed by LSEG.

The Kyoto-based firm slashed its full-year operating profit forecast by 18% to 180 billion yen, versus an average forecast of 219.7 billion yen based on estimates from 18 analysts.

($1 = 147.9000 yen)

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