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.
Deere & Co.'s worldwide net sales and revenues increased 16%, to $11.327 billion, for the fourth quarter of fiscal 2021 and rose 24%, to $44.024 billion, for the full year.
David Meyer, Titan Machinery's chairman and chief executive officer, stated, "The ongoing strength of the broader agriculture sector continues to fuel demand for equipment across our business and equipment revenue grew 37% on a consolidated basis in the third quarter."
Buhler Industries, which manufactures the Versatile and Farm King brands of equipment, reported 2021 fourth quarter revenue of $46 million, down 8.5% from $51 million in the fourth quarter of 2020.
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