Komatsu Ltd (KMTUY) Q3 2022 Earnings Call Transcript

Feb. 05, 2023 1:44 PM ETKomatsu Ltd. (KMTUY), KMTUF
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Komatsu Ltd (OTCPK:KMTUY) Q3 2022 Earnings Conference Call January 31, 2023 9:00 AM ET

Company Participants

Takeshi Horikoshi - Senior Executive Officer, CFO & Director

Masatoshi Morishita - Senior Executive Officer & GM, Business Coordination Department

Conference Call Participants

Tsubasa Sasaki - Mitsubishi UFJ Morgan Stanley Securities

Tomohiko Sano - JPMorgan Chase & Co.

Kentaro Maekawa - Nomura Securities

Taku Ouchi - SMBC Nikko Securities

Takeshi Horikoshi

I am Takeshi Horikoshi, the CFO. I will now explain Fiscal Year '22 Q3 results.

On Page 4, I will explain the highlights for Q3 fiscal '22. The exchange rates were JPY143.6 to the dollar, JPY144 to the euro and JPY93.8 to the Australian dollar. Compared to the same period of the previous year, the yen depreciated against the U.S. dollar, the euro and the Australian dollar.

Consolidated net sales for fiscal '22 Q3 increased by 27.3% year-on-year to JPY920.5 billion, and operating income increased by 54.3% year-on-year, reaching JPY135 billion. The operating income ratio increased by 2.6 percentage points to 14.7%.

Consolidated net sales and operating income increased, respectively, due to the positive impact of FX, increased sales volume and improved selling prices. Regarding other income and expenses, expenses increased by JPY23.2 billion, mainly due to an increase in FX losses due to the stronger yen and an increase in interest expenses. Net income increased by 11.2% to JPY69.3 billion. Consolidated net sales and operating income both reached record highs following the second quarter.

On Page 5, I'll explain sales and profits by segment. Sales in Construction, Mining & Utility Equipment increased 30.8% year-on-year to JPY863.4 billion and segment profit increased 66.6% year-on-year to JPY122 billion. Both net sales and profits increased due to the positive impact of FX, an increase in sales volume and improved selling prices. Retail Finance sales increased 25.4% year-on-year to JPY22.1 billion, and segment profit increased 17.5% year-on-year to JPY6.4

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