Consolidated net sales totaled $24,965,000 for the 2021 fiscal year, which represents a 11.4% increase from consolidated net sales of $22,409,000 for the 2020 fiscal year.
For the fourth quarter, CNH reported consolidated revenues of $9.1 billion, up 7% vs. the fourth quarter of 2020. Agriculture net sales for the quarter were up just over 21% to about $4.2 billion.
Despite an estimated €10 million ($11 million) hit from Covid-related expenses over the past two years, the Krone Group’s transportation and agricultural equipment businesses secured increased profits on the back of higher turnover in its 2020-21 financial year.
Net earnings for the quarter were $7.9 million, or $0.72 per diluted share, compared with net earnings of $7.1 million, or $0.65 per diluted share, for the prior year first quarter.
Despite a backdrop of continued Covid-19 related challenges, Claas Group scored a near-19% increase in net sales during the 12-month financial period to the end of September to hit another record level.
A 36% increase in revenues from sales of tractor-mounted loaders and agricultural trailer components in the third quarter is helping drive Jost Werke towards €1 billion ($1.1 billion) turnover for the first time.
Claas increased its revenue in the 2021 fiscal year by 19% to $5,430.4 billion (previous year: $4,575.3 billion). Pre-tax earnings rose to $404.1 million (previous year: $178.9 million).
Titan Machinery decreased its equipment inventory by $15 million to $323 million through the first 9 months (Oct. 31, 2021) of fiscal year 2022 compared to $338 million as of Jan. 31, 2021.
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