After a notable increase in its second quarter, Kubota is now reporting a 2% year-over-year decline in its third-quarter construction revenue. However, the manufacturer’s construction business is still up year-over-year when looking at the last nine months.
The company saw $973 million in construction revenue, representing a 1.9% year-over-year decline. However, while Kubota’s domestic (Japan) construction revenue was down 14%, its revenue for all other countries was down just 0.8%. In North America, Kubota said, construction equipment sales increased due to steady demand for infrastructure development.
Kubota’s construction revenue for the first nine months of 2024 is up 6.5% to $3.2 billion over the same period last year.
Kubota’s Farm & Industrial Machinery division, which encompasses its farm equipment, agricultural-related products, engines and construction machinery, brought in $3.9 billion in the third quarter, down 5.2% from $4.2 billion in last year’s third quarter. Kubota’s total revenue in the third quarter was $4.5 billion, down 5.4% year-over-year. Total operating profit was down 8.4% to $436 million.
Looking at the first nine months of Kubota’s financial year, the company brought in $14.6 billion in total revenue (up 0.9% year-over-year) and $1.8 billion in operating profit (up 6.4%).
Kubota brought down its full year 2024 revenue forecast slightly to $18.9 billion, which would represent a 2.3% decline from the $19.4 billion Kubota saw in 2023. In its Farm & Industrial Machinery division, Kubota is expecting total revenue for the year to be down 2.8% year-over-year to $16.4 billion.
