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 May 4, 2022 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. Tweet |
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