For the year ended Dec. 31, 2022, revenue of Kubota Corp. and its subsidiaries increased by $3.6 billion (+21.9%) from the prior year to $19.97 billion.
Domestic revenue decreased by $3 million (+0.1%) from the prior year to $4.5 billion due to decreased revenue in Farm & Industrial Machinery, mainly farm equipment, and Other, while revenue in Water & Environment increased.
Overseas revenue increased by $3.6 billion (+30.3%) from the prior year to $15.5 billion because of increased revenue in both of Farm & Industrial Machinery and Water & Environment. As a result, overseas revenue accounted for 77.5% of consolidated revenue, which increased by 4.9 percentage points from the prior year. Total revenue from Kubota's Farm Equipment & Engines segment was $13.58 billion in 2022, up 23.5% year-over-year.
North American revenue came in at $8.21 in 2022, up 34.4% from $6.11 billion in 2021. Revenue from the U.S. specifically was $7.24 billion for 2022.
Operating profit decreased by $190 million (+10.5%) from the prior year to $1.6 billion mainly due to some negative effects from a rise in material prices and logistics expenses despite some positive effects from sales price increase and favorable impact of foreign exchange rates. Profit before income taxes decreased by $130 million (+6.8%) from the prior year to $1.7 billion due to decreased operating profit. Income tax expenses were $440 million. Share of profits of investments accounted for using the equity method was $12 million. Profit for the year decreased by $95 million (+6.8%) from the prior year to $1.3 billion. Profit attributable to owners of the parent decreased by $14 million (+10.6%) from the prior year to $1.16 billion.
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