Komatsu’s 1Q Fiscal 2019 Slightly Above Our Expectations; FVE Raised to JPY 3,750 ($34 per ADR)
Komatsu’s first-quarter fiscal 2019 (year ending March 2019) EBIT increased by 81% year over year to JPY 96 billion and came in slightly above our expectations. This represents around 28% of its full-year EBIT guidance of JPY 345 billion. The sharp year-over-year improvement is mainly driven by: (1) strong performance in its construction, mining, and utility equipment division, underpinned by strong sales recorded in North America, Europe, China, and Asia (excluding China and Japan), but partly ...
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