Q2 2024 NSK Ltd Earnings Call Transcript
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Thank you for joining our financial conference today. I am at Akitoshi Ichii, President and CEO of NSK. Limited. Let me begin by presenting the first half results followed by the full year forecast. And finally, progress of the mid-term plan 2026 or MTP2026, as outlined in the table of contents.
Looking at page 4, we have four key points of the first half financial results. First of all, we had expected a recovery in demand in the first and second quarters, especially for industrial machinery But unfortunately, it did not materialize as expected and demand continued to be in an adjustment phase. The economic slowdown in China also persisted.
On the other hand, looking at the automotive industry production volume is recovering as the shortage of semiconductors is being alleviated. This resulted in sales of JPY386.7 billion and operating income of JPY11.1 billion.
In addition, taking into account the economic situation of the first half of the year and trends in orders and customer outlook in the second half, we have
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