Farm and commercial grain storage equipment manufacturer Ag Growth International lived up to its name in 2017 by recording increased sales and profitability as the farm sector in North America improved and the Canadian group continued to gain ground in export markets further afield.
For the first quarter of 2018, AGCO raked in $2 billion in net sales, a 23.3% increase compared to the same 3 month period the year prior. And with the stage set, the company expects sales to reach around $9.3 billion by the year’s end.
North American large ag equipment unit sales were mixed in April, with overall unit sales up 2% year-over-year. Both U.S. and Canada had growth in combine sales (U.S. +59%), but that was partially offset by declines in 4WD tractors (Canada –28%) and row-crop tractors, according to the latest numbers released by the Assn. of Equipment Manufacturers.
Sonalika International Tractors Limited (ITL), one of India’s leading tractor manufacturers, recorded an increase of 22% in tractors sales to 100,000 units in fiscal year 2018. This compares to 81,531 units registered in the previous year, which was an increase of 19.6%.
With particular focus on tine and short disc cultivators for fast, shallow tillage, Lemken’s operations in the U.S. and Canada, based in West Fargo, N.D., and St-Hyacinthe, Que., respectively, recorded double-digit sales growth in 2017.
A noteworthy 12.6% increase in 2017 sales turnover was posted by German agricultural equipment manufacturer Amazone and managers say market indicators give them confidence to predict further growth this year.
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In this week’s episode, we look at Titan Machinery’s strong third quarter results for fiscal year 2022, and how the executive team views inventory turns heading into next year. In the Technology Corner, Michaela Paukner talks with Mani Iyer, CEO of Soletrac, about the electric tractor manufacturer’s distribution plans. Also in this episode: a look at how the UAW strike impacted margins and planter deliveries and dealers’ forecast for used equipment revenues in 2022.