Kubota Corp

6326: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Kubota Earnings: Inventory Correction Comes to an End by 2024; Expecting Maintainable Growth

Kangyuxiao Li

Nov 13, 2024

Wide-moat Kubota’s September-quarter sales marked a 5.4% decline year on year, slightly below our estimate of a 3.4% decline due to ongoing inventory correction, especially in North America. We continue to project flat revenue growth for fiscal 2024 as inventory levels of tractors, especially midsize ones, will continue for at least for one more quarter. However, we forecast channel inventory levels to normalize by the end of this year and reiterate our 5% growth assumption for fiscal 2025 driven by new home sales and demand pickup in farming activity.

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Kubota Corp

Kubota Earnings: Inventory Correction Comes to an End by 2024; Expecting Maintainable Growth

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