Komatsu’s first quarter saw both revenue and profit decline compared to last year, though its full-year revenue forecast did not change.
Total revenue in the quarter came in at $6.3 billion, down 5.2% year-over-year from last year’s first quarter. Profit also fell, down 10.6% to $962 million.
Komatsu saw a decline in its net profit for the quarter, earning $627 million vs. $706 million in last year’s first quarter, a decline of 16.9%.
All three of Komatsu’s business segments saw revenue declines in the first quarter, with its construction, mining and utility equipment revenue falling the most, down 5.5% to $5.8 billion.
Komatsu attributed the construction equipment revenue decline to appreciation of the yen vs. one year ago and said a loss of sales volume was offset by higher selling prices. Komatsu reported a $98 million decline in construction equipment sales volume and a $102 million gain in rising sale prices for the quarter. The effects of currency conversion generated a $344 million negative impact on construction revenue.
For North America, construction, mining and utility equipment revenue fell 17% year-over-year to $1.5 billion in the quarter.
Retail finance revenue fell 0.1% to $209 million, and industrial machinery and others revenue was down 4.6% year-over-year to $299 million.
Only Komatsu’s construction, mining & utility equipment segment saw a drop in profit in the quarter, falling 14.1% to $840 million. Retail finance profit was up 22.5% to $65 million, and industrial machinery and others profit rose 43.5% to $50 million.
Komatsu maintained its previous forecast for its full fiscal year 2025 revenue: an 8.8% decline to just over $26 billion.
