22.08.2022

Exports drive Tadano

Japanese crane and aerial lift manufacturer Tadano has posted a solid pick up in the first quarter to the end of June, driven by mobile crane exports.

Total results
Total revenue for the three months was ¥77.7 billion ($567 million), up nine percent on the same period last year. Of this ¥15.99 billion ($116.7 million) was generated in Japan, a 22 percent drop on last year, while exports improved 21 percent to ¥61.7 billion ($450 million). Pre tax profit came in at ¥2.3 billion ($16.9 million) down from ¥11 billion ($80.3 million) last year, however that included a one off exceptional gain, without which the underlying profit was only ¥427 million ($3.1 million) so compared to that this year’s result is a five fold increase.

Sales breakdown by product

Mobile cranes ¥53.1 billion ($387.6 million) +12.1%
Mobile crane sales - truck cranes, All Terrains and Rough Terrains - in Japan declined 32 percent to ¥5.26 billion ($38.4 million), while mobile crane exports increased 20.7 percent to ¥47.84 billion ($349.1 million) driven largely by Europe and North America.
Loader cranes ¥3.94 billion ($28.8 million) (-22.6%)
Aerial work platforms ¥3.1 billion ($22.9 million) (-13.8%)
Other revenues ¥17.56 billion ($127.4 million) +15.2%
Total ¥77.7 billion ($567 million) +9%

Mobile crane sales breakdown by geographic region
Europe ¥16.85 billon ($123 million) +20.7%
North America ¥26.5 billion ($193.4 million) +44%
South America ¥2.33 billion ($17 million) +284%
Asia ¥6.6 billion ($48.2 million) +8.6%
Middle East ¥2.34 billion ($17.1 million) (-34.9%)
Other areas ¥7.03 billion ($51.4 million) (-13.6%)

The Full year forecast

The forecast for the 12 months to the end of March 2023 is for total revenues of ¥235 billion ($1.7 billion), an increase of 14.3 percent. Underlying pre-tax profits are expected to be roughly the same as last year.

The breakdown is expected to be as follows:
Mobile Cranes ¥157.9 billion ($1.15 billion) +21%
Geographically the mix of mobile crane sales are expected to remain similar to the first quarter, with the exception that the revenues in Middle East will recover fully as will sales to other areas.
Loader cranes ¥17.3 billion ($126.4 million) (-5.2%)
Aerial work platforms ¥16.4 billion ($119.8 million) +1.4%
Other revenues ¥43.4 billion ($317 million) +6.4%

Vertikal Comment

This is a reasonably solid ‘recovery‘ result from Tadano which appears to be handling the current challenges fairly well. However, it looks as though the full year will be only recover to the year to the end of March 2020 in terms of revenues which did not include a full year of Demag ownership. In terms of profit, there is still a long way to go. That is likely to take a good deal longer and will depend on external forces.

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