According to its latest earnings report, Doosan Bobcat saw 2020 sales of $3.6 billion, down 6.2% from $3.9 billion in 2019.
Earnings before interest and taxes (EBIT) was $334 million in 2020, an 18.4% decrease from $409 million in 2019. Net profit was also down last year, coming in at $210 million vs. $233 million in 2019.
In the fourth quarter, sales were up 8% year-over-year to $1 billion vs. $959 million in 2019. EBIT was up 41.3% to $115 million, while net profit was up 156.4% to $90 million.
Sales were down in all 3 regions in 2020, with the Asia/Oceania region reporting the most severe decline at –10.6%. North American sales came in at $2.7 billion in 2020, down 5.6%. Sales were up in all regions in the fourth quarter, however, with North American sales up 8.9% to $763 million.
In its outlook for 2021, Doosan Bobcat forecasts a 13.8% increase in revenue to $4.1 billion, alongside a 20.1% increase in EBIT to $401 million. The company said it expects operating profit to increase, driven by sales growth and improved cost structure despite the cost increase related to new product launches and R&D.