earnings | ¹û¶³ÊÓƵ Our Members Bring Choice, Value & Innovation to Agriculture Tue, 18 May 2021 16:50:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.4 /wp-content/uploads/2023/09/fema-favicon-75x75.png earnings | ¹û¶³ÊÓƵ 32 32 CNH Rides Industry Wave of Strong Ag Sales /news/cnh-rides-industry-wave-of-strong-ag-sales/ Tue, 18 May 2021 16:50:00 +0000 /?p=13931 For the first quarter at CNH Industrial, consolidated revenues climbed 36.8 percent from a year ago. The company’s net sales for industrial activities rose by 41 percent.

For the March-ending quarter, net sales in agricultural equipment climbed 35.4 percent.

CEO Scott Wine said the company expects the ag recovery “to continue and perhaps significantly escalate.” He also said CNH sees “notable strength in North and South America for combines and tractors with overall solid demand across all regions.”

]]> Kubota Revenue Dips for the Year /news/kubota-revenue-dips-for-the-year/ Tue, 23 Feb 2021 19:41:22 +0000 /?p=12974 For the year ended Dec. 31, revenue of Kubota Corp. and its subsidiaries decreased by 3.5 percent from 2019.

Domestic revenue for the Japan-based company decreased by 4.8 percent for the year. Kubota attributed the dip in revenue to losses in the farm and industrial machinery segment caused by circumstances related to COVID-19, as well as a consumption tax hike.

Overseas revenue decreased by 2.8 percent because of “significantly decreased revenue in farm and industrial machinery mainly due to delay in production and shipment, while demand caused by stay-at-home lifestyle increased along with the infection spread of COVID-19.â€

Revenue in the farm and industrial segment decreased by 3.2 percent compared to the previous year. It accounted for 81.4 percent of consolidated revenue.

Source: Kubota

]]> Deere Discusses Plan to Boost Profits /shortliner/deere-discusses-plan-to-boost-profits/ Sun, 12 Jan 2020 23:16:54 +0000 /?p=9350 Deere & Co. last week said it will cut costs and ramp up investment in data-driven agriculture technology and its services business to make itself more profitable.

In a pitch to investors, CEO John May said the measures are expected to boost operating profit margin to 15 percent by 2022 from 12.5 percent projected for this year.

The steps are part of a broader trend in the U.S. manufacturing sector, which is facing its deepest slump in more than a decade. In a bid to smooth earnings volatility, manufacturers such as Caterpillar are slashing costs and focusing on more profitable parts and services businesses.

May, who took over Deere’s reins in November, aims to shore up the company’s fortunes, which have taken a hit from global trade tensions and poor weather in the American farm belt.

Deere reported lower profits in the latest quarter and has warned of lower earnings this year. In response to weak demand, the company has cut production and laid off workers.

May said Deere is reviewing its overseas manufacturing footprint in markets that have peaked or where it has over-invested. He did not provide the names of those facilities.

Recent layoffs have included operations in the Quad Cities and Brazil.

Source: New York Times

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