Sales for 2020 were $7.1 billion, compared with $8.6 billion in 2019. The decrease is primarily attributable to weaker demand across all mobility markets due to customers idling operations through the middle of the year in response to the global COVID-19 pandemic.
Net sales of $2.9 billion increased 4.6% in 2020, with significantly higher sales in the Utility Support Structures and Irrigation segments partially offset by lower sales in the Engineered Support Structures and Coatings segments due to COVID-19 impacts.
For the year ended Dec. 31, 2020, revenue of Kubota Corporation and its subsidiaries decreased by $630 million or 3.5% from the prior year to $17.6 billion.
Revenue for the quarter was $51.2 million, up 4% from $49.2 million in the first quarter of 2020. The company's increase in sales levels is the result of increased export demand for its farm equipment.
Despite an extra two weeks of factory shut-down while COVID-secure work practices were put in place, Väderstad still managed to achieve record sales and earnings in 2020, helped by a “significant lift” in sales in Canada.
According to its most recent earnings report, CNH Industrial posted consolidated revenue of $26 billion in 2020, down 7.3% from $28 billion in 2019. Revenue from the agriculture segment was down 0.4% in 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.