On May 12, Kubota reported its revenue for the 3 months ended March 31, 2022, increased 10.3% to $4.61 billion compared to the same period last year. 

Revenue for the Farm & Industrial Machinery segment, which includes farm equipment, agricultural-related products, engines and construction machinery, increased by 12.4% from the same period last year to $3.9 billion and accounted for 84.2% of consolidated revenue. 

In North America, sales of construction machinery increased along with solid housing demand, although delay in procurement continued due to supply chain disruption. Sales of tractors were also solid, the company said, but decreased from the prior year due to inventory shortage and a lull in stay-at-home demand. 

Operating profit in this segment decreased by 13.1% vs. the same period last year to $457.9 million due to some negative effects from a rise in material prices and logistics expenses, while there were some positive effects from sales price increase and favorable impact of foreign exchange rates.