Net sales were up 22%, as a result of positive volumes due to higher industry demand in CNH Industrial's main markets, market share growth, and better price realization primarily in North America and South America.
AGCO's net sales for the first quarter were approximately $2.7 billion, an increase of approximately 12.9% compared to the first quarter of 2021. Excluding unfavorable currency translation impacts of approximately 5.0%, net sales in the first quarter of 2022 increased approximately 17.9% compared to the first quarter of 2021.
"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%.
Revenue for the fifteen-month period was C$317.2 million ($253.5 million), up C$67.6 million ($50 million) from sales of $249.6 million ($199.5 million) in 2020. The Company’s increased sales growth for the period primarily results from the accounting change to a December year-end in 2021.
Revenue for the fiscal year 2022 increased 21.3% to $1.7 billion for fiscal 2022. Net income for fiscal 2022 was $66 million, or $2.92 per diluted share, compared to $19.4 million, or $0.86 per diluted share, for the prior year.
Yokohama Rubber’s ATG (Alliance Tire Group) business segment generated record sales revenue and business profit in 2021 as OEM and after-market demand for off-highway tires bounced back.
With agriculture in a generally upward phase of its traditional cycle and the size and power of tractors and other machinery continuing to grow, Trelleborg Wheel Systems is ‘ready for take-off’ says the business segment’s President, Paolo Pompei.
At €655 million ($718.5 million), the German ag equipment manufacturer Amazone experienced an exceptional year for sales in 2021, exceeding prior-year revenues by 22% to set another new record for the company.
Kuhn Group is on something of a roll with a generous investment program yielding 86 new machines introduced through 2021-22, with 20 alone being introduced in the coming year.
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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.