Doosan Bobcat reported strong growth across all regions and product lines in the third quarter of this year, with both revenue and operating profit showing double-digit increases.
The company announced on October 29 that it achieved revenue of 2.4635 trillion won and an operating profit of 167.4 billion won in the third quarter. This represents increases of 16.5% and 25.3%, respectively, compared to the same period last year. The operating profit margin improved by 0.5 percentage points to 6.9% year-on-year.
In U.S. dollar terms, Doosan Bobcat's cumulative operating profit for the third quarter reached $455 million, which is 94% of last year's total annual operating profit of $482 million.
Due to cash inflows from operating activities and customs refunds, the company's net cash at the end of the third quarter increased by approximately $100 million to $453 million. Compared to the same period last year, revenue by product (in dollar terms) grew by 15% for compact equipment, 8% for industrial vehicles, and 5% for portable power.
Compact equipment saw significant growth driven by the shipment of deferred quantities from the previous quarter and increased demand from rental companies. Industrial vehicles benefited from expanded sales in key markets, while portable power experienced growth due to strong construction activity in North America.
Regionally, revenue increased by 15% in North America, 14% in ALAO (Asia, Latin America, and Oceania), and 3% in EMEA (Europe, the Middle East, and Africa) compared to the same period last year. In North America, the shipment of deferred quantities of compact equipment and increased sales to large customers in industrial vehicles drove performance. In ALAO, strong sales in South America and improved demand for industrial vehicles in India were key growth factors. Despite foreign exchange losses, EMEA saw a slight increase in revenue due to sustained demand for compact equipment and a recovery in industrial vehicle demand.
Meanwhile, Doosan Bobcat's board of directors met on the same day and decided to set the third-quarter dividend at 400 won per share. The company conducts quarterly dividends based on a minimum annual dividend of 1,600 won.
* This article has been translated by AI.
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