Volume, prices and a weaker yen
Takeuchi Mfg. Co., Ltd. (TSE: 6432), the Nagano-based maker of compact excavators and crawler loaders, reported consolidated results for the first half of FY2/2027, the six months from March 1 to August 31, 2026, on October 13, 2026 under Japanese GAAP. Net sales rose 16.0% to ¥132,383 million, operating profit 3.4% to ¥24,198 million and ordinary profit 6.0% to ¥25,122 million. Net profit attributable to owners of the parent rose 6.3% to ¥18,129 million, or ¥392.40 per share against ¥369.13.
Unit sales rose in both North America and Europe, and the company passed on U.S. tariffs, raised prices to European distributors and benefited from the weak yen. U.S. tariffs cut profit by a net ¥1,728 million: ¥7,684 million of extra tariff costs, offset by ¥3,331 million of price pass-through and ¥2,625 million of tariff refunds. Orders rose 48.1% to ¥145,983 million, helped by a large order from a major U.S. rental company, and the order backlog rose ¥13,599 million to ¥57,167 million. Takeuchi will stop disclosing orders and backlog after FY2/2027, saying their quarterly swings have become too large to be a useful guide.
Regions
The Japan segment, which mainly sells to European and Australian distributors, grew sales 4.6% to ¥37,362 million and profit 13.9% to ¥17,344 million. U.S. sales rose 18.5% to ¥75,377 million on solid crawler-loader demand and sales programmes for compact excavators, but segment profit fell 4.3% to ¥4,237 million on tariffs and a higher share of volume-discounted sales to large rental companies. U.K. sales rose 39.1% to ¥13,571 million and French sales 20.1% to ¥6,068 million.
Balance sheet, dividend and outlook
Total assets rose 5.2% to ¥236,918 million and net assets 6.3% to ¥198,715 million, for an equity ratio of 83.9%. The company paid an interim dividend of ¥110 and plans a year-end ¥135, for an annual ¥245 against ¥210 last year and the ¥220 previously planned.
The full-year forecast was raised to net sales of ¥261,000 million (+15.9%) from ¥244,000 million, operating profit of ¥44,500 million (+18.1%) from ¥37,300 million, ordinary profit of ¥44,200 million (+12.8%) and net profit of ¥31,500 million (+11.4%) from ¥25,900 million. It assumes rates of ¥150 to the dollar and ¥175 to the euro from the third quarter.
| Metric | H1 FY2/2027 | H1 FY2/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 132,383 | 114,103 | +16.0% |
| Operating profit (¥ million) | 24,198 | 23,402 | +3.4% |
| Ordinary profit (¥ million) | 25,122 | 23,692 | +6.0% |
| Net profit attrib. to owners of parent (¥ million) | 18,129 | 17,055 | +6.3% |
| EPS (¥) | 392.40 | 369.13 | +6.3% |
| Total assets (¥ million) | 236,918 | 225,133 | +5.2% |
| Net assets (¥ million) | 198,715 | 186,935 | +6.3% |
| Equity ratio | 83.9% | 83.0% | +0.9 pt |
| FY2/2027 guidance — revenue (¥ million) | 261,000 | — | +15.9% |
| FY2/2027 guidance — operating profit (¥ million) | 44,500 | — | +18.1% |
| FY2/2027 guidance — ordinary profit (¥ million) | 44,200 | — | +12.8% |
| FY2/2027 guidance — net profit (¥ million) | 31,500 | — | +11.4% |
| Annual dividend per share (¥) | 245.00 | 210.00 | +16.7% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.