Doosan Bobcat

Doosan Bobcat announced second-quarter 2024 earnings on July 25, reporting revenues of USD 1.629 billion and profit of USD 174 million, and an operating margin of 10.7%.

Due to the high base effect from last year's record-high performance and a slowing demand, revenues and operating profit decreased by 19.9% and 51.2%, respectively, compared to the second-quarter 2023. Net profit also fell by 51.4% to USD 114 million. Excluding the impact of one-off gains from the previous year, operating profit and net profit would reflect decreases of 43% and 38%, respectively.

Net debt stands at minus USD 187 million, maintaining a strong cash position. Despite dividend payments, the net cash has increased by USD 68 million compared to the end of 2023.

Sales revenue declined across all products and regions due to base effects, weakened market demand, and high interest rates. Product-wise, Compact Equipment sales dropped by 18%, Material Handling by 28%, and Portable Power by 16%. Regionally, sales decreased by 22% in North America, 16% in EMEA (Europe, the Middle East, and Africa), and 10% in ALAO (Asia, Latin America, and Oceania).

Doosan Bobcat announced a quarterly dividend of KRW 800 on the same day, with the dividend record date set for June 30.