Kubota’s first quarter revenue enjoyed a 20% bump over last year thanks in the main to increased sales from its Farm & Industrial Machinery division.
For the three months ended March 31, revenue increased by US$902.3 million (+22.3%) from the same period in the prior year to US$4.9 billion.
Farm & Industrial Machinery is comprised of farm equipment, agricultural-related products, engines, and construction machinery.
Revenue in this segment increased by 28.1% from the same period in the prior year to US$4.1 billion and accounted for 82.7% of consolidated revenue.
Sales of tractors and construction machinery in Australia increased significantly due to more rainfall than usual and government stimulus measures.
Operating profit in this segment increased by 123.1% from the same period in the prior year to US$626 million mainly due to significantly increased revenue in the domestic and overseas markets.