Consolidated corporate sales for the three- and nine-month periods ended Aug. 31, 2021 were $6,592,000 and $17,703,000, respectively, compared to $6,465,000 and $16,937,000 during the same respective periods in fiscal 2020.
Difficulties in supply chain, logistics and personnel recruitment have made it challenging for ag equipment manufacturers to meet high demand, not least at Kuhn where order intake through the first six months of the year was almost 50% up on the equivalent period in 2020.
David Meyer, Titan Machinery's chairman and chief executive officer, stated, "Equipment demand momentum continued through our second fiscal quarter with our equipment revenues increasing 35% vs. prior year."
Deere & Company reported net income of $1.790 billion for the second quarter ended May 2, 2021, or $5.68 per share, compared with net income of $666 million, or $2.11 per share, for the quarter ended May 3, 2020.
Cervus delivered $15 million in adjusted income before tax, a record for the second quarter and a significant increase of $7 million or 84%, compared to $8 million generated in the same period last year.
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In this week's episode we take a first look at the UAW strike at 14 of Deere's U.S. facilities. In the Technology Corner, Michaela Paukner examines Kubota's planned acquisition of AgJunction for $72.8 million. Also in this episode, California Gov. Gavin Newsom has signed a bill that will ban gas-powered small-off road engines. Ben Thorpe reports on dealers early orders heading into 2022, based on the results of Ag Equipment Intelligence's Dealer Business Outlook & Trends report. Art's Way reported its second straight profitable quarter, and saw Agriculture Products segment sales for the third quarter improve by 27% vs. last year.