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1ST QUARTER: AGCO'S SALES UP 27%, NET INCOME UP 48%
May 2, 2012
Source: AGCO news release
To read the entire report, click here.
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, reported net sales of $2.3 billion for the first quarter of 2012, an increase of 26.5% compared to net sales of $1.8 billion for the first quarter of 2011.
Reported and adjusted net income per share were $1.21 for the first quarter of 2012. These results compare to reported and adjusted net income per share of $0.81 for the first quarter of 2011. Excluding unfavorable currency translation impacts of 4.3%, net sales in the first quarter of 2012 increased approximately 30.8% compared to the same period in 2011.
"AGCO's strong performance in the first quarter produced record sales and earnings," stated Martin Richenhagen, Chairman, President and Chief Executive Officer. "We capitalized on improved demand in key Western European markets and continued market strength in North America while executing against our important margin improvement initiatives. Margin expansion in the first quarter was led by the Europe/Africa/Middle East (EAME) and North American regions. EAME's first quarter operating margins exceeded 11% and North American operating margins improved over 500 basis points compared to the first quarter of 2011. Our GSI acquisition was also a contributor to the positive results, particularly in North America."
North America
In the first quarter of 2012, industry unit retail sales of tractors were up modestly compared to the same period in 2011. Industry retail sales of combines were down substantially from robust levels in the prior year. Record farm income in 2011 and the expectation of continued favorable farm economics resulted in the strength in retail sales of high horsepower tractors. Improvement in the dairy and livestock sector contributed to higher industry unit retail sales of mid-range tractors and hay equipment.
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