Komatsu has announced earnings from the first quarter of its April-March fiscal year 2022, reporting an 18% increase in net sales compared to the same period last year, to $5.7 billion. Construction, mining and utility equipment accounted for $5.3 billion of the company’s sales for the three months ending June 30, a 20% increase from the first quarter of 2021.

North American sales increased by 49% during the first quarter. Komatsu attributed the gains to strong growth in the residential and nonresidential construction segments, as well as road and traffic infrastructure segments.

Sales also expanded sharply in Asia (40%) and Latin America (26%), propping up declines in Eastern Europe and Asia, China and Oceania (Australasia, Melanesia, Micronesia and Polynesia). Sales were supported by an increased volume of sales, the positive effects of foreign exchange rates and improved selling prices.

Looking forward, Komatsu has not changed its projection for its full-year results for the rest of the fiscal year, which ends March 31, 2023. Overall, demand will remain flat from fiscal year 2021. The company used the earnings call to reflect on several highlights from the quarter.