Makita’s 2Q Earnings Benefited From the Growing Housing Demand and Expanded Retail Footprint
Narrow-moat Makita’s second-quarter results and the upward revision of its full-year guidance for operating income to JPY 70 billion (up 11.9% year over year) were in line with our full-year forecast. The company’s power tools sales increased 9.5% on a local-currency basis in first-half 2017, outpacing Stanley Black & Decker’s 8.5% organic growth rate. The decline in the selling, general, and administrative expense ratio to 19.9% from 20.8% supports our view of Makita’s strong brand power an...Makita is mainly engaged in the manufacture and sale of power tools for professional users worldwide. Co.'s principal products include cordress tools, drills, screw drivers, shear wrench, electric breakers, combination hammers, rotary hammers, demolition hammers, cutters, wall chasers, angle grinders, die grinders, circular saws, plater joiners, trimmers, power planers, routers, narrow crown staplers, pneumatic pin nailers, petrol blowers, petrol string trimmers, vacuum cleaners, robotic cleaners, cordless vacuum pumps, MAKPA cool boxes, cordless job site speakes, as well as a variety of parts and accessories for its products and to perform repair work.
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