2018Consolidated Business Results for Nine Months of the Fiscal Year Ending March 31, 2018 (U.S. GAAP)
Jan. 31, 2018Komatsu Ltd. today announced its consolidated business results for nine months of the fiscal year ending March 31, 2018 (U.S. GAAP). The highlights are described below.
1. Results for Nine Months Ended December 31, 2017
For the nine-month period (April 1 - December 31, 2017) of the fiscal year ending March 31, 2018, consolidated net sales totaled JPY1,805.8 billion, up 47.2% from the corresponding period a year ago. In the construction, mining and utility equipment business, the nine-month sales expanded sharply from the corresponding period a year ago, as Komatsu steadfastly capitalized on demand in China, Indonesia, and many other countries. Komatsu also benefited from the new addition of Joy Global Inc. (currently, Komatsu Mining Corp.), as a consolidated subsidiary, a leading U.S. manufacturer of mining equipment in which Komatsu completed the acquisition in April 2017. In the industrial machinery and others business, sales remained flat from the corresponding period a year ago, supported by increased sales of machine tools to the automobile manufacturing industry, offsetting reduced sales of wire saws and other products.
With respect to profits for the nine-month period under review, operating income expanded by 75.8% from the corresponding period a year ago, to JPY188.1 billion, driven by increased sales in many regions of the world, more than offsetting temporary expenses incurred in relation to the acquisition of the former Joy Global Inc. The operating income ratio improved by 1.7 percentage points to 10.4%. Income before income taxes and equity in earnings of affiliated companies climbed to JPY 215.3 billion, up 108.5 % from the corresponding period a year ago, reflecting a gain from the sale of investment securities. Net income attributable to Komatsu Ltd. totaled JPY 155.0 billion, up 126.9%.
2. Projections for the Fiscal Year Ending March 31, 2018 (FY2017)
Komatsu makes no change in the projection of October 27, 2017, concerning consolidated business results for the fiscal year ending March 31, 2018.
- The information described is at the time of presentation and may be subject to advance notice.