Manitou, manufacturer of equipment for agriculture, construction and other industries reported its net sales for the first half of 2020 down 35% to €762 million ($895 million) from €1,163 million ($1,366 million) in the first half of 2019.
CNH Industrial posted consolidated revenues of $5.6 billion in the second quarter of 2020, down 26% compared to the second quarter of 2019. In total, consolidated revenues were $5.6 billion for the second quarter of the current year, down 26% year-over-year compared to the second quarter of 2019.
AGCO posted net sales of about $2 billion during the second quarter of 2020, down approximately 17.2% vs. the same period a year earlier. Net sales for the second quarter were approximately $2 billion, a decrease of approximately 17.2% compared to the second quarter of 2019.
Improving sales of used ag equipment for the period ended June 30, 2020, helped push Rocky Mountain Dealerships (RME) to a year-over-year gain of 9.9%, according to the company. Based in Calgary, Alb., RME is Case IH’s largest Canadian dealership group.
Net Sales of $688.8 million declined 1.7%; excluding $13.7 million of unfavorable currency impacts, sales were similar to last year, as strong growth in Utility Support Structures was offset by lower sales in the Coatings segment due to COVID-19 impacts, as expected.
Reports of the uptick in small equipment sales were reinforced with the release of Tractor Supply’s second quarter 2020 earnings report. While TSCO sales aren’t reliant on equipment, its performance is a positive indicator for the rural lifestyle market in general.
Improved cost-efficiency, especially in parts warehouse operations, helped SDF Group achieve improved earnings in the face of market contraction and lower turnover last year.
On July 9, Art’s Way Mfg. reported consolidated sales for the 3 months and 6 months ended May 31, 2020 were $5,446,000 and $10,472,000, respectively, compared to $5,747,000 and $9,871,000 during the same respective periods in fiscal 2019.
Revenues for the third quarter of fiscal 2020 were $123.1 million, an increase of $2.1 million, or 2%, compared to revenues of $121.1 million in the prior year third quarter. Net earnings for the quarter were $10.1 million compared with net earnings of $2.9 million for the prior year third quarter.
Each monthly issue of Ag Equipment Intelligence is like getting one-on-one personal advice from the world's most trusted ag equipment industry experts. Advice that hasn't been watered down or distorted by outside influence, providing the latest and most insightful farm equipment analysis. AEI explores where the ag equipment industry is going — not just where it's been. No filler. No bias. No conflict of interest. You can access the PDF issue archive by clicking here.
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.