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Feb. 6, 2013 Source: AGCO news release Elevated soft commodities prices in 2013 are expected to support healthy farm income and sustain stable equipment demand. For 2013, AGCO is projecting net sales in a range from $10.2 billion to $10.4 billion, with forecasted pricing benefits, market share improvements and relatively neutral currency impacts. Improved gross and operating margins compared to 2012 levels are expected while allowing for significant investments in product and market development costs. Based on these assumptions, AGCO is targeting 2013 earnings per share in a range from $5.10 to $5.35. The Company's earnings target reflects an increase in income tax expense of approximately $0.40 per share compared to 2012 and previous 2013 projections as a result of the recognition of its U.S. deferred income tax assets. "As we turn our focus to 2013, we remain optimistic about AGCO's ability to take advantage of the positive long-term demand drivers for our industry," stated Mr. Richenhagen. "Organic growth and margin improvement will continue to be our primary focus. AGCO's cost reduction initiatives are aimed at lowering material and labor costs through purchasing actions and factory productivity. Engineering expenditures are expected to increase as we work to meet tier 4 emissions requirements. "We expect to continue to invest in new products, including upgraded harvesting, high horsepower tractor and sprayer offerings, and to devote significant resources to enhance our presence in the CIS region, China and Africa. "Our plans in 2013 also include investing in our manufacturing facilities to enable our growth and improve our productivity." Tweet |
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