Highlighted in its latest earnings report, sales for Doosan Bobcat were down 6.2% in 2020 to US$3.6 billion, losing ground on the US$3.9 billion reported in 2019.
Earnings before interest and taxes (EBIT) was US$334 million in 2020, an 18.4% decrease from the US$409 million in 2019. Net profit was also down in 2020, coming in at $210 million when compared to the US$233 million banked in 2019.
Showing a more positive trend, fourth quarter sales were up 8% year-over-year to US$1 billion as compared to the US$959 million contributed in 2019. EBIT was up 41.3% to US$115 million, while net profit was up a handy 156.4% to US$90 million.
Sales were down in all three of its main operating regions in 2020, with the Asia/Oceania region reporting the most severe decline with a 10.6% fall to just US$261 million.
While North American sales came in at US$2.66 billion in 2020, this result was down 5.6% on the previous year.
The fourth quarter results for Doosan Bobcat shed some light on what to expect moving forward.
Sales were up in all regions in the fourth quarter, with North American sales up 8.9% to US$763 million. And Asia/Oceania making up some ground with sales up 10.1% to US$85 million for the quarter.
Doosan Bobcat is forecasting a strong 2021 result with a 13.8% increase in revenue to US$4.1 billion, alongside a 20.1% increase in EBIT to US$401 million.
The company said it expects operating profit to increase, driven by sales growth and improved cost structure despite the cost increase related to new product launches and R&D.
