The Claas group has finished the 2023 fiscal year on a high, reporting a massive 24.7% year-on-year jump in sales.
The manufacturer’s net sales for the past 12 months totalled a staggering €6.1bn.
Claas said sales notably improved significantly in North America and especially in Europe.
The firm managed to more than triple its income before taxes, rising from €166.3m in 2022 to €522.3m in 2023. In the same period, net income increased from €88.1m to €347.1m.
“The substantial leap in sales in the past year reflects the high demand for agricultural equipment.
"Once the supply chain situation eased following the pandemic, we were able to systematically tackle the very high order backlog and deliver our agricultural machinery to our customers around the world,” said Claas CEO Jan-Hendrik Mohr.
2023 marks milestones
The 2023 fiscal year marked two anniversaries for Claas. Fifty years ago, the company’s first self-propelled forage harvester was built in Harsewinkel in Germany. The family business also looked back on 20 years of Claas tractors.
The 150,000th Claas tractor rolled off the assembly line in Le Mans in early 2019. Four years later, just in time for the 20th anniversary, that figure was estimated by the manufacturer to stand at 200,000.
Current market environment
“In the new fiscal year, however, we will have to prepare ourselves for a more difficult market environment.
"While order backlog is returning to normal, the pace of economic activity is slowing perceptibly in our core markets in central and western Europe and North America, due in no small part to high inflation and mounting geopolitical tensions.
"In light of current events, the Claas group will consistently pursue the strategy it has adopted and continue to build on its strengths. The group will focus on the development of new products and technologies.
"Technological solutions that have so far been viewed in isolation are to be even more strongly connected to each other going forward and made available to customers”, concluded the CEO.