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1ST QUARTER: AGCO'S SALES UP 13%, NET INCOME UP 20%
Source: AGCO news release

DULUTH, Ga.--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, 2022.

Net sales for the first quarter were approximately $2.7 billion, an increase of approximately 12.9% compared to the first quarter of 2021. Excluding unfavorable currency translation impacts of approximately 5.0%, net sales in the first quarter of 2022 increased approximately 17.9% compared to the first quarter of 2021.

Reported net income was $2.03 per share for the first quarter of 2022, and adjusted net income(3), which excludes impairment charges, restructuring expenses and other related items, was $2.39 per share. These results compare to reported net income of $1.99 per share and adjusted net income, which excludes restructuring expenses, of $2.00 per share for the first quarter of 2021.

Highlights

*Reported regional sales results(1): Europe/Middle East ("EME") +5.7%, North America +14.7%, South America +48.2%, Asia/Pacific/Africa ("APA") +12.7%

*Constant currency regional sales results(1)(2)(3): EME +15.0%, North America +15.0%, South America +41.8%, APA +17.5%

*Regional operating margin performance: EME 11.6%, North America 7.8%, South America 12.9%, APA 15.1%

*Recorded impairment charges related to AGCO's joint ventures in Russia(3)

*Declared a variable special dividend of $4.50 per share payable in June and increased quarterly dividend by 20%
Raised full-year outlook for net sales and net income per share

To read the entire report click here.


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