Excluding the impact of our recently announced divestitures and recent changes in foreign exchange rates, our updated guidance reflects a projection of higher ARR growth, revenue and earnings," said Rob Painter, Trimble's president and chief executive officer.
"We were able to pick up right where we left off in 2021 with another stellar quarter to begin the year," stated Paul Reitz, president and chief executive officer.
Net sales were up 22%, as a result of positive volumes due to higher industry demand in CNH Industrial's main markets, market share growth, and better price realization primarily in North America and South America.
AGCO's net sales for the first quarter were approximately $2.7 billion, an increase of approximately 12.9% compared to the first quarter of 2021. Excluding unfavorable currency translation impacts of approximately 5.0%, net sales in the first quarter of 2022 increased approximately 17.9% compared to the first quarter of 2021.
"We delivered strong financial results in our first quarter, exceeding our expectations and achieving another quarter of record sales," said Stephen G. Kaniewski, president and chief executive officer.
Consolidated corporate sales for the three-month period ended Feb. 28, 2022, were $5,613,000 compared to $5,401,000 during the same period in fiscal 2021, an increase of $212,000, or 3.9%.
Revenue for the fifteen-month period was C$317.2 million ($253.5 million), up C$67.6 million ($50 million) from sales of $249.6 million ($199.5 million) in 2020. The Company’s increased sales growth for the period primarily results from the accounting change to a December year-end in 2021.
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.
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The announcement of a partnership between New Holland and Bluewhite was one of the big precision stories of the summer. West Coast New Holland dealers now have the rights to sell, distribute and service Bluewhite’s aftermarket autonomy kits.