Komatsu ended its 2023 fiscal year with sales of about $24.8 billion, up 9.1% from FY 2022. Operating income was up 23.7% to $3.9 billion. Sales of construction, mining, and utility equipment was up 9.7% to about $23.2 billion, with profit up 29.4% to about $3.7 billion.
The company reported that demand remained “steady” in North America, but declined in Latin America, Europe, and Asia. North American sales totaled $6.4 billion for the year, up 15% over fiscal 2022. Sales in Latin America, its second-largest market, grew 21% to about $4.2 billion.
The increase in sales for the year was attributed to growth in parts and service revenues as well as machine price increases. Price increases also contributed to the company’s operating income growth, it said.
In its outlook for the upcoming fiscal year, April 2024 through March 2025, the company said it expects demand for construction equipment to decline, citing high interest rates and energy costs. Overall sales in the construction, mining, and utility segment are projected to decline 1.7%, with sales in North American projected to grow 6.8%.
