Japanese construction, mining, and industrial equipment manufacturer Komatsu reported strong third-quarter results, with sales up 5.6% from the same period a year ago to 971.9 billion yen.
Looking at the first nine months of the fiscal year, Komatsu’s net sales have grown 10.1% to 2,794.9 billion yen, while operating income rose 30.8% to 453.4 billion yen. The company attributed the growth to improved selling prices in most regions and the Japanese yen’s depreciation, which offset increased fixed costs and material prices.
Komatsu maintained its outlook for the fiscal year ending March 31, 2024. It still expects full-year net sales to rise 3.3% and operating income to grow by 11.7%.
For the first nine months of the fiscal year, sales of construction, mining and industrial equipment increased by 10.8% compared to the same period last year, to 2,625.8 billion yen.
Construction equipment sales remained steady in North America, while demand softened in Latin America, Europe and Asia.
Komatsu says demand for its mining equipment remained strong and sales increased from the corresponding period a year ago, driven by parts sales and service growth which reflect high machine utilization, improved selling prices in most regions of the world and the Japanese yen’s depreciation.
In the industrial machinery segment, sales also increased thanks to growth in sales of large presses for the automobile manufacturing industry.
