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

Financial highlights

• 4Q24 revenue was $1,532M, down 12.5% year-over-year but up 17.3% sequentially.

• 4Q24 EBIT margin was 8.4%, down 2.6 percentage points year-over-year.

• Net profit for FY24 was $413M, a 41.5% decrease year-over-year.

• EBITDA for FY24 was $803M, down 34.2% year-over-year.

• One-off gain of $52M from NA OPEB plan changes in 2Q23; adjusted EBIT decline was 37% year-over-year.

Outlook and guidance

• FY25 revenue is projected at $6.4B, up 2.1% from FY24, driven by market expansion and Mottrol acquisition.

• Operating profit for FY25 is expected to decrease 6.1% to $600M due to unfavorable mix and production adjustments.

• North America market expected to be flat or slightly down; EMEA demand to fall; ALAO region to see growth in core products.