In its latest earnings report, Titan Machinery forecast an 8-13% decline in international revenue for its fiscal year 2023, which "includes a reduction in revenue of approximately 75% from our Ukraine subsidiary compared to fiscal 2022."
Revenue for the fiscal year 2022 increased 21.3% to $1.7 billion for fiscal 2022. Net income for fiscal 2022 was $66 million, or $2.92 per diluted share, compared to $19.4 million, or $0.86 per diluted share, for the prior year.
Kuhn Group is on something of a roll with a generous investment program yielding 86 new machines introduced through 2021-22, with 20 alone being introduced in the coming year.
The Russian invasion of Ukraine, which began on Feb. 24, 2022, has caused a series of logistical problems for ag equipment manufacturers, dealers and farmers operating in the country.
“Our strong results in the fourth quarter contributed to a record year for 2021 with broad-based strength in Farm, AGI Digital, EMEA, India and AGI Food. We see strong growth opportunities across all of our segments as demand for global food infrastructure remains robust," said AGI President and CEO Tim Close.
"Our fourth quarter was a continuation of our strong performance throughout the year and adds up to an excellent 2021 as we increased sales by an astounding $521 million," commented Paul Reitz, president and chief executive officer.
According to a Feb. 28, 2022, report from Agroportal24h, the Kharkiv Tractor Plant, a manufacturer of wheeled and track-type tractors, has been destroyed and “engulfed in fire” by “massive shelling” from Russian forces in the eastern Ukrainian city of Kharkiv.
The Board of Directors has accepted the resignation of Konstanin Babkin. Babkin has been a vocal supporter of the actions taken by the Russian Federation.
According to a report from CBC, Buhler Industries was not named on a sanctions list from the Canadian government in response to the ongoing Russo-Ukrainian War.
The Russo-Ukrainian War began Feb. 24, 2022, with the Russian invasion of Ukraine and has caused a series of problems for ag equipment manufacturers, dealers and farmers operating in the country.
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Today, we’re looking at Austria-based Pessl Instruments, an agtech provider operating under the METOS brand. Irrigation equipment manufacturer Lindsay Corporation recently acquired a minority interest in Pessl Instruments following a strategic partnership the 2 companies announced in May 2023.