Doosan Bobcat

In its Q2 results (provisional) released on July 27, Doosan Bobcat announced that it had recorded sales of US$1.145 billion and an operating profit of US$125 million based on its consolidated financial statements during the quarter.

Sales grew by 45.2% YoY on the back of a base effect and the economic recovery in major markets, while operating profit increased by 138.0% during the same period thanks to an improved product mix (increased sales proportion of high-margin products) and reduced marketing expenses, achieving a 10.9% operating profit margin, a double-digit margin rate for four consecutive quarters.

Most notably, Doosan Bobcat achieved sales growth of 4.1% during the second quarter over the previous quarter, breaking its 10-year quarterly sales record which was previously set in the first quarter.

In North America, its quarterly sales rose by 41.1% YoY on the back of steady demand growth and robust sales of GME (agricultural and landscaping equipment) products. In this region, the sales of loaders and mini excavators soared by 47.7% YoY amid the brisk construction market, while GME sales increased by 57.6% YoY as people continued moving from large cities to rural areas.

In the EMEA (Europe, Middle East and Africa) region, the company’s sales increased by 52.4% YoY thanks to the budding economic recovery and the base effect. As European market showing signs of recovering, positive industry outlook is expected.

Meanwhile, on July 6, Doosan Bobcat completed the acquisition of Doosan Industrial Vehicle, whose earnings will therefore be reflected in Doosan Bobcat's consolidated financial statements starting in the third quarter of 2021.