Nabtesco Posts Mixed Results as Goodwill Impairment Hurts Bottom Line, FVE Lowered
Wide-moat Nabtesco posted mixed second-quarter results with the write-off of goodwill related to its German mechatronics subsidiary Ovalo dampening income on top of slowing growth in its precision gears sales. However, on the bright side, full-year group sales guidance was only marginally changed and excluding the goodwill write-off, 2018 operating profit margin should only decline slightly to 10.2% from 10.4%. In fact, first-half net profit would have made up 48% of our original full-year estim...Nabtesco is engaged in the design, manufacture, sales, and repair of industrial machinery and components. Co. operates in three business segments: component solutions, transport solutions and accessibility solutions. Co.'s principal products are high precision reducers and actuators for industrial robots, construction machinery, solar tracking equipment, automatic door drive units, automobile air-break systems, automatic testing/training equipment, connecting device, various types of actuators, remote control systems for marine vessels, automatic door systems, smoke exhausting systems and platform safety system as well as nursing care equipment and industrial equipment.
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