Lemken’s positive development in North America, which now includes a fully-fledged subsidiary in the United States, contributed to the German tillage and seeding equipment manufacturer’s all-time record sales in 2021.
The Company’s decrease in sales levels is the result of supply chain issues experienced during
the quarter and not a result from the lack of demand as it remains very high.
Revenue in the company's Farm Equipment & Industrial Machinery segment increased by 12.4% from the same period in the prior year to $3.9 billion and accounted for 84.2% of consolidated revenue.
Excluding the impact of our recently announced divestitures and recent changes in foreign exchange rates, our updated guidance reflects a projection of higher ARR growth, revenue and earnings," said Rob Painter, Trimble's president and chief executive officer.
"We delivered strong financial results in our first quarter, exceeding our expectations and achieving another quarter of record sales," said Stephen G. Kaniewski, president and chief executive officer.
Consolidated corporate sales for the three-month period ended Feb. 28, 2022, were $5,613,000 compared to $5,401,000 during the same period in fiscal 2021, an increase of $212,000, or 3.9%.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.