Doosan Bobcat (241560) Q3 2024 earnings summary

Executive summary

• Revenue declined 28% year-over-year in Q3 2024, driven by external uncertainties and dealer inventory adjustments.

• EBIT fell 59% and net profit dropped 67% year-over-year, reflecting lower operating profit and fixed cost burdens.

Financial highlights

• Q3 2024 revenue: $1,306M, down 27.6% YoY and 19.9% sequentially.

• EBIT: $92M, down 59.4% YoY; EBITDA: $137M, down 48.4% YoY.

• Net profit: $47M, down 67.4% YoY; net margin fell to 3.6%.

• Revenue in KRW declined 24.9% YoY, with EBIT down 57.8%.

Outlook and guidance

• Q4 2024 is expected to be similar to Q3, with continued weak demand and dealer inventory adjustments.

• Weaker demand in North America and EMEA anticipated to persist; some growth expected in Oceania and Latin America.