Japan’s Hitachi Construction Machinery has reaffirmed its revenue guidance for the 12 months to March 31, 2023, after a strong first quarter. The company sees its mining machinery sales climbing to US$1.55 billion and overall revenue at US$8 billion for the latest year.
Additional “value chain” revenue from Bradken, H-E Parts and technology mining ‘solutions’ could add Y89.7b (US$690m) to the mining machinery and aftermarket total.
HCM Q1 revenue was Y267.5 billion (US$2.06b), up 17% year-on-year, while net income was up 161% yoy at Y18.6b (US$143m).
Q1 mining revenue increased by 39% yoy to Y47.5b (US$366m) due to “strong demand for new machinery, increased sales volume in parts and services, and appreciation of the yen”.
Forecast growth for the full year had not changed since previous forecasts in April despite “a large decrease in demand in Russia” due to export restrictions.
