For the three months ended March 31, 2020, revenue of Kubota Corporation and its subsidiaries decreased by ¥41.2 billion ($380 million) or 8.6% from the same period in the prior year to ¥439.5 billion ($4.1 billion).
Net sales for the first quarter of 2020 were $341.5 million, compared to net sales of $410.4 million for the first quarter of 2019, representing a $68.9 million, or 16.8%, decrease. On a constant currency basis, net sales for the first quarter 2020 would have been $354.2 million.
The company reported record net income for the first quarter of 2020 of $15.5 million, up 1.8%. It also reached record net sales for the first quarter of 2020 of $314.4 million, up 20%.
Ag Growth International’s (AGI) results for the first quarter of 2020 ended March 31 showed trade sales in the quarter increased $12.7 million or 6% over first quarter 2019 due to strong farm sales in the U.S. and the recent acquisition of Milltec in India.
CNH Industrial reported on May 6 that its consolidated revenues for the first quarter 2020 ended March 31 were $5.5 billion, down 15% vs. the first quarter 2019. The company reported a net loss of $54 million compared to net income of $264 million for the same period last year.
AGCO's total net sales for the first quarter were approximately $1.9 billion, a decrease of approximately 3.4% compared to the first quarter of 2019, while North American net sales increased 11.7% in the first three months of 2020.
The dealer network reported total sales of $134 million dollars in the first quarter of 2020, down $44 million compared to $178 million reported in the first quarter of 2019, a decline of 25%.
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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.