Kubota Reports Farm & Industrial Sales Up 13% in 2023

Kubota Corp.’s s 2023 revenue increased 12.8% to $20.05 billion. Domestic revenue increased 6.8% from the prior year to $ 4.27 billion because of increased revenue from Farm & Industrial Machinery and Water & Environment.

Revenue from the Farm & Industrial Machinery segment, which included farm equipment, agriculture related products, engines and construction equipment, accounted for 87.3% of Kubota’s consolidated revenue at $17.5 billion. 

In North America, revenue increased from the prior year. Sales of construction machinery increased thanks to firm demand for housing construction and infrastructure development by the government, although the Company struggled with tractor business due to weak residential market, it said.

In Europe, revenue increased from the prior year. Sales of construction machinery were solid, supported by public construction demand. Sales of tractors also increased thanks to replenishment of dealer inventory.

2024 Forecast

Kubota is forecasting its consolidated revenue for 2024 to increase by $194.5 million to $20.25 billion. In the domestic market, revenue in Farm & Industrial Machinery is expected to decrease slightly as the prior year due to high agricultural production costs. In the overseas market, demand for construction machinery is expected to be solid and sales of farm equipment are also expected to be firm mainly in India although there are regional differences.