AGCO Reports third quarter results 2017 - 10.2017

AGCO - Corporate Headquarters, DULUTH, GA: AGCO reported net sales of approximately $2.0 billion for the third quarter of 2017, an increase of approximately 12.8% compared to the third quarter of 2016. Excluding favorable currency translation impacts of approximately 2.7%, net sales in the third quarter of 2017 increased approximately 10.1% compared to the third quarter of 2016. Third Quarter Highlights: • Reported regional sales results(1): North America +6.7%, Europe/Middle East (“EME”) +15.2%, South America +4.5%, Asia/Pacific/Africa (“APA”) +29.4% • Constant currency regional sales results(1)(2): North America +5.8%, EME +10.9%, South America +4.8%, APA +25.9% • Regional operating margin performance: North America 5.6%, EME 9.7%, South America 3.3%, APA 7.3% • Maintaining full-year outlook for net income per share. “AGCO delivered solid sales and earnings performance in the third quarter, while continuing to make strategic investments in new technologies, productivity enhancements and new market development,” stated Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer.
Quelle: AGCO - Corporate Headquarters

Martin Richenhagen: “We produced sales growth and operating margin improvement across all regions while market demand
remained at low levels. Long-term growth continues to be a key focus, and we are working to expand our product offerings through internal product development efforts and through bolt-on acquisitions. We recently completed two acquisitions that broaden our product portfolio. In September, we acquired Precision Planting, a leader in innovative planting technology, and in October, we completed the purchase of the forage division of the Lely Group, which significantly enhances our hay and forage product line in Europe.”
AGCO’s net sales for 2017 are expected to reach $8.2 billion reflecting improved sales volumes, positive pricing as well as acquisition and foreign exchange impacts. Gross and operating margins are expected to improve from 2016 levels due to higher sales along with the benefits resulting from the Company’s cost reduction initiatives. Based on these assumptions, 2017 earnings per share are targeted at approximately $2.86 on a reported basis, or approximately $3.00 on an adjusted basis, which excludes restructuring expenses and the non-cash expense related to waived stock compensation. more - lmv-jobboerse - lmv-presse - Manfred Lorenzen, Soest
Quelle: AGCO - Corporate Headquarters

(1) As compared to third quarter 2016
(2) Excludes currency translation impact. See reconciliation in append

Facebook share