According to John Deere’s annual report filed with the SEC on Dec. 15, the company spent just over $3.5 billion on dealer sales incentives in its fiscal year 2023.
In Claas’ recently released annual report, the company reported revenue of $6.7 billion in 2023, a 25% year-over-year increase from $5.4 billion in 2022.
Dealers saw an increase in precision farming sales and service revenue in 2023, and most predict the positive trend will continue in 2024, according to the 11th annual Precision Farming Dealer benchmark study.
Large ag equipment unit sales were up 4.4% year-over-year in November, led by 4WD tractors, according to the latest data from the Assn. of Equipment Manufacturers.
Worldwide net sales and revenues decreased 1%, to $15.412 billion, for the fourth quarter of fiscal 2023 and rose 16%, to $61.251 billion, for the full year.
In its earnings released Oct. 11, Art’s Way Manufacturing reported farm equipment sales for the first 9 months of 2023 were $14.8 million, up 8.3% year-over-year and a 5-year high.
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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.