Kanadevia, formerly known as Hitachi Zosen, (TYO:7004) has settled a lawsuit related to the tunnel boring machine incident with Seattle Tunnel Partners (STP), resulting in an extraordinary income of approximately 2.9 billion yen.
The settlement, concluded on Oct. 23, resolves an insurance claim lawsuit linked to the 2019 agreement, where STP had initially filed for damages against Kanadevia and its subsidiary, KVUSA.
As part of the settlement, the industrial and engineering firm will record this income in the third quarter of the fiscal year ending March 31, 2025.
Consequently, the company has revised its consolidated earnings forecast for the full year, with profits attributable to shareholders increasing by 12.5%, although the dividend forecast remains unchanged.
Kanadevia's shares gained over 3% at market close.
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