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Sumitomo Heavy Industries ( (JP:6302) ) has shared an update.
Sumitomo Heavy Industries, Ltd. announced it will record extraordinary losses due to difficulties in achieving anticipated sales proceeds from its acquisition of Lafert S.p.A, amid an economic downturn in Europe. This has led to a significant revision of its earnings forecast for the fiscal year ending December 31, 2024, with notable declines in operating profit, ordinary profit, and net profit, although sales targets remain unchanged.
More about Sumitomo Heavy Industries
Sumitomo Heavy Industries, Ltd. operates in the industrial machinery sector, focusing on products such as machinery components, precision machinery, and construction machinery. The company has a significant presence in the global market, particularly in sectors that require heavy machinery and engineering solutions.
YTD Price Performance: 1.07%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $2.53B
See more insights into 6302 stock on TipRanks’ Stock Analysis page.
