Doosan Bobcat (241560) Q4 2024 earnings summary

Executive summary

• Revenue for FY24 declined 16.1% year-over-year to $6,269M, reflecting weaker demand and industry slowdown.

• EBIT dropped 40% year-over-year, with net income down 41.5% due to reduced operating profit.

• Maintained a double-digit EBIT margin despite lower sales and increased promotions.

Financial highlights

• FY24 revenue: $6,269M (-16.1% YoY); EBIT: $639M (-40% YoY); EBITDA: $803M (-34.2% YoY); Net profit: $413M (-41.5% YoY).

• Q4 revenue: $1,532M (-12.5% YoY, +17.3% QoQ); Q4 net profit: $89M (-46% YoY, +89.1% QoQ).

• One-off gain of $52M in 2Q23 from NA OPEB plan changes; FX impact: $13M gain in 2024.

Outlook and guidance

• FY25 revenue guidance: $6.4B (+2.1% YoY), driven by market expansion and Mottrol acquisition.

• Operating profit expected to decrease 6.1% YoY to $600M due to unfavorable mix and production adjustments.

• North America market expected flat or slightly down; EMEA demand to fall; ALAO demand to rise for core products.