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Jul. 27, 2023 Source: AGCO Corporation news release Highlights *Record second quarter net sales of $3.8 billion, up nearly 30% year-over-year *Record second quarter operating margin of 13% *Raises full-year sales, operating margin and earnings per share outlook AGCO, Your Agriculture Company (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, reported its results for the second quarter ended June 30, 2023. Net sales for the second quarter were approximately $3.8 billion, an increase of approximately 29.8% compared to the second quarter of 2022. Excluding unfavorable foreign currency translation of approximately 0.8%, net sales in the quarter increased approximately 30.6% compared to the second quarter of 2022. Reported net income was $4.26 per share for the second quarter of 2023, and adjusted net income (1) , which excludes restructuring expenses and an update to the estimated cost of participation in a Brazilian income tax amnesty program, was $4.29 per share. These results compare to reported net income of $2.37 per share and adjusted net income (1) , which excluded restructuring expenses, of $2.38 per share for the second quarter of 2022. "Robust demand for our industry-leading products and favorable global industry conditions fueled AGCO's record second quarter results," stated Eric Hansotia, AGCO's Chairman, President and Chief Executive Officer. "Our farmer-first strategy delivered record net sales and operating margin. "These strong results are further evidence that our precision ag technology and premier equipment are in high demand and are driving sustainable productivity improvements for our farmers while providing us with margin-rich growth opportunities." Hansotia continued, "As demonstrated at our recent technology event, we are advancing innovative farmer-first technologies through both our mixed-fleet retrofit products and also in our new product offerings. We are continuing toward our goal to offer fully autonomous solutions across the crop cycle by 2030 and are increasing investments in premium technology, smart farming solutions and enhanced digital capabilities to support our farmer-first strategy while helping to sustainably feed the world." To read the entire report click here. Tweet |
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