The Weakness in Railway Components’ Sales Were Offset by Nabtesco’s Robust Component Business.
While wide-moat Nabtesco’s fourth-quarter sales beat our forecast by 5%, the operating margin was around 3 percentage points lower than our forecast, owing to a worsened product mix of the transportation solution division. This resulted in a 5% lower full-year operating income than our estimate. Despite this, as the largest RV reduction gear maker in the world, Nabtesco’s proven track record has maintained its strong partnership with the downstream customers, which is evidenced by the 37% sales ...
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