Agricultural tractor sales in the UK last year regained much of the ground lost during 2020 — the first year of the Covid-19 pandemic — with registrations of tractors of more than 50 horsepower returning to about the same level as in the previous 3 years at just over 12,000 units.
Japan’s Yanmar group has reported an 80% drop in net profits for its 2018-19 financial year ended March 31, 2019, despite a 4% increase in revenues to the equivalent of $7.4 billion that built on the 2% rise recorded in the prior 12 month period.
Mahindra & Mahindra recently announced up to 13 days of no-production for its farm equipment factories following a 15% drop in tractor sales over the last 3 months, with tractor manufacturer Escorts also making plans to reduce inventory over the summer.
The June report from Brazil’s Anfavea says that farm tractor sales in May fell 9.5% year-over-year, with 2,562 units sold. At the same time, sales were up 2.6% compared to the previous month, when 2,495 units were registered.
The UK has seen an exploding used tractor market following England’s departure from the EU. Brexit’s impact on the British pound, coupled with dropping commodity prices have made a perfect environment for British farmers to purchase low-hour, high value machinery.
Mahindra and Mahindra (M&M) VP spoke positively last month of the tractor market and M&M’s future growth, despite the company reporting a mixed fourth quarter ended March 31st. Net profit was reported at Rs 969 crore ($139,148,400) in the fourth quarter, down 16% from the same period last year.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Howard Buffett talks about getting tractors and combines to Ukrainian farmers. In the Technology Corner, Noah Newman examines how the 360 Rain system boosts yields by over 65 bushels per acre. Also in this episode, the potential peak for large ag equipment sales, layoffs at Hutson Inc., 'Made in USA' equipment influence and AGCO's latest earnings report.