Kubota’s earnings report for the first 9 months of 2022 highlighted the manufacturer’s continued success in growing North American ag and construction revenue.
In its earnings report for its second quarter earnings of 2022, Kubota reported $9.5 billion in revenue, up 14.4% from $8.3 billion earned in the first half of last year.
Revenue in the company's Farm Equipment & Industrial Machinery segment increased by 12.4% from the same period in the prior year to $3.9 billion and accounted for 84.2% of consolidated revenue.
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.
According to a report from Mint, Kubota will receive an over 50% stake in Escorts by the end of March and "lay down a mid-term business and investment road map for Escorts Kubota, the new entity."
According to data from the Japanese Agricultural Machinery Manufacturers Assn. (JAMMA), a total of 120,061 tractors were produced in Japan in 2020, a year-over-year decline of 13.3% and a record low for the last 15 years.
Mahindra recently stated in a regulatory filing that the two companies have entered into a "business collaboration arrangement" that will "respond to diversifying customer needs and contribute to the sustainable development of Japanese agriculture."
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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.