Doosan Bobcat

Doosan Bobcat announced on April 29 that for the first quarter of 2024, it recorded sales revenue of USD 1.8 billion and an operating profit of USD 289 million, resulting in an operating profit margin of 13.6%

Despite the high base of the previous year, the company managed to deliver solid sales, which resulted in a modest 4.4% decline in revenue compared to the previous year. Operating profit decreased by 15.3% to USD 245 million. With the net debt amounting to minus USD 357 million, the company maintained a net cash trend thanks to the solid operating performance.

In terms of sales revenue by product, despite the high base effect, Compact Equipment remained near flat with a 1% decrease, while material handling decreased by 16% due to deferred purchases from high-interest rates, and portable power also reduced by 16% as pent-up demand was exhausted.

By region, sales revenue decreased compared to the previous year in all regions: North America by 2%, EMEA (Europe, Middle East, and Africa) by 14%, and ALAO (Asia, Latin America, Oceania) by 6%.

A Doosan Bobcat official stated, "After the historic peak of last year, the market is slowing down this year. But considering the positive economic indicators in the North American region, the demand for compact equipment will continue, and growth is expected in the Middle East and Latin America."