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1ST QUARTER: AGCO'S SALES UP 23%, NET INCOME MORE THAN DOUBLES
Source: AGCO news release

AGCO, Your Agriculture Company (NYSE: AGCO), a worldwide manufacturer and distributor of agricultural equipment and solutions, reported its results for the first quarter ended March 31, 2021.

Net sales for the first quarter were approximately $2.4 billion, an increase of approximately 23.4% compared to the first quarter of 2020. Reported net income was $1.99 per share for the first quarter of 2021, and adjusted net income, which excludes restructuring expenses, was $2.00 per share. These results compare to reported net income of $0.85 per share, and adjusted net income, excluding restructuring expenses, of $0.86 per share for the first quarter of 2020.

Excluding favorable currency translation impacts of approximately 3.5%, net sales in the first quarter of 2021 increased approximately 19.8% compared to the first quarter of 2020.

Highlights

*Reported regional sales results (1) : Europe/Middle East ("EME") 19.2%, North America 10.7%, South America 56.3%, Asia/Pacific/Africa ("APA") 83.1%

*Constant currency regional sales results (1)(2)(3) : EME 11.5%, North America 9.7%, South America 83.8%, APA 65.9%
Regional operating margin performance: EME 10.9%, North America 12.3%, South America 6.7%, APA 10.5%

*Increased quarterly dividend by 25% and declared variable special dividend of $4.00 per share

*Raised full-year outlook for net sales and net income per share

To read the entire report click here.


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