Case New Holland Industrial has seen an increase in sales for the last quarter of 2021, this is according to the latest figures released for that period. It indicated net sales to be at €27.5 billion.
It’s understood that agriculture accounted for just under half of that figure at €12.8 billion, which was a 46% increase over the last year for farm machinery. This resulted to a whopping 30% increase in earnings mainly due to the increased demand for tractors.
Added to the release of sales figures was AGCO, who fared quite well in the last quarter of 2021. This as according to their figures saw an increase of 21% in 2020. AGCO’s chairman, Eric Hansotia attributed the figures to “elevated soft commodity prices are supporting improved farm income in 2021 despite significantly higher farm input costs. These favourable farm fundamentals are resulting in robust demand for agricultural equipment as farmers look to upgrade their fleets.”
The increase in sales was mainly due to an increase in the demand for tractors with figures set to remain in a favourable position for the most part of 2022. Tractor sales in Europe additionally increased by 16% last year. But the market is being monitored as some suspect that the figures may in fact decline this year as it may have been too much too soon.
LSL News.