Agricultural income in the US would fall 4.5% year-on-year in 2022, according to projections from the United States Department of Agriculture (USDA).
Net farm income in the United States in 2021 increased 25.1% compared to 2020, due to U.S. crop production and increased commodity exports, partially offset by a reduction in direct payments from the farm program of the federal government.
In this context, the company Titan Machinery, one of the largest American distributors of agricultural and construction equipment, indicated that its income from the agricultural segment for fiscal year 2022 increased 21.5% or 190.3 million dollars compared to the same period of the year. previous.
Its same-store farm sales increased 19.3% in fiscal 2022, compared to fiscal 2021.
Equipment sales were driven by higher demand for equipment due to higher commodity prices and higher net farm income.
The acquisitions of HorizonWest and Jaycox, which were completed in May 2020 and December 2021, respectively, also contributed to total segment sales growth.
Titan Machinery owns and operates a network of full-service construction and agricultural equipment stores throughout the United States and Europe.
The company has been an authorized dealer for CNH Industrial, which is a leading manufacturer and supplier of agricultural and construction equipment and includes the Case IH Agriculture, New Holland Agriculture, Case Construction and New Holland Construction brands.
According to information provided to us by CNH Industrial, Titan Machinery is the world’s largest retailer of Case IH Agriculture equipment, one of the largest North American retailers of Case Construction equipment, and one of the largest North American retailers of Case IH Agriculture equipment. Holland Agriculture and New Holland Construction Equipment in the United States.
In addition to the CNH Industrial brands, the company sells and repairs equipment made by a variety of other manufacturers.
In 2021, CNH Industrial generated $17.8 billion in revenue from its equipment operations.
CNH Industrial is the world’s second largest manufacturer of agricultural equipment and manufactures the Case IH Agriculture and New Holland Agriculture brands of equipment.
Case IH Agriculture, known for the red color of its equipment, has more than 170 years of heritage in agricultural equipment.
For its part, New Holland Agriculture, known for the blue color of its tractors and the yellow color of its harvesting and hay equipment, has more than 120 years of experience in the agricultural equipment industry.
The Case Construction and New Holland Construction brands are also owned and operated by CNH Industrial.