North American large ag equipment sales picked up again in February, according to the latest numbers released by the Assn. of Equipment Manufacturers. Combined U.S. and Canadian large ag unit sales were up 16.5% vs. up just 1.4% in January.
Kubota announced $19 billion in 2021 revenue in its latest earnings report, a nearly 19% year-over-year increase. This includes a 27% year-over-year increase in North American revenue and a 21% increase in ag equipment sales, bouncing back from the slight decreases seen in 2020.
“Our strong results in the fourth quarter contributed to a record year for 2021 with broad-based strength in Farm, AGI Digital, EMEA, India and AGI Food. We see strong growth opportunities across all of our segments as demand for global food infrastructure remains robust," said AGI President and CEO Tim Close.
Multi-brand crop sprayer maker Exel Industries saw a four-year decline in sales brought to a halt in 2021 as the group recorded a near-15% upturn in sprayer revenues compared with the year prior, or more than 16% on a currency like-for-like basis.
Net income for the year was $80.2 million, or $6.75 per diluted share, compared to net income of $57.8 million, or $4.88 per diluted share in 2020, a year-over-year improvement of 38.8%.
"We achieved record sales for the second consecutive quarter through continued price management and strong market demand, while remaining highly focused on operational excellence and execution," said Stephen G. Kaniewski, president and chief executive officer.
Deere & Company reported net income of $903 million for the first quarter ended Jan. 30, 2022, or $2.92 per share, compared with net income of $1.224 billion, or $3.87 per share, for the quarter ended Jan. 31, 2021.
Domestic revenue increased by $66 million (+1.3%) from the prior year to $5.2 billion because of increased revenue in Farm & Industrial Machinery mainly due to increased sales of farm equipment, despite a decrease in revenue in Water & Environment and Other.
While AGCO reported on Feb. 8, 2022, that net sales for 2021 were up nearly 22% to $11.1 billion, the manufacturer’s precision ag sales surpassed $0.5 billion — up 34% compared to 2020.
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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.