AGCO Corporation, Duluth, GA: AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment and solutions, reported net sales of approximately $2.0 billion for the first quarter of 2019, a decrease of approximately 0.6% compared to the first quarter of 2018. First Quarter Highlights: • Reported regional sales results(1): North America (1.3)%, Europe/Middle East (“EME”) +4.0%, South America (14.3)%, Asia/Pacific/Africa (“APA”) (16.3)% • Constant currency regional sales results(1)(2): North America (0.6)%, EME +13.2%, South America (2.6%), APA (9.6)% • Operating margin improvement of 190 basis points vs. first quarter of 2018 • Regional operating margin performance: North America 6.2%, EME 10.5%, South America (5.4)%, APA 2.6% • Share repurchase program reduced outstanding shares by approximately 0.4 million during the first three months of 2019 • Increased full-year outlook for net income per share. “Focused operational performance across our regional business units and supportive market conditions are driving sales and earnings growth,” stated Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer.
“AGCO’s first quarter results demonstrated solid progress towards our margin improvement goals for 2019. Led by our Europe/Middle East region, AGCO’s first quarter 2019 adjusted operating margins improved over 190 basis points compared to the first quarter of 2018. Our margin expansion resulted from organic sales growth, an improved pricing environment and initiatives aimed at lowering material costs and improving productivity. We have raised our outlook for the full year to reflect our confidence in our continued strong performance and in the market recovery.”
Europe/Middle East net sales increased 13.2% in the first three months of 2019 compared to the same period in 2018, excluding unfavorable currency translation impacts. Sales growth was strongest in France, the United Kingdom and Spain. Income from operations improved approximately $28.7 million for the first three months of 2019, compared to the same period in 2018, due to the benefit of higher sales and production, pricing and the timing of engineering costs compared to the prior year.
Global industry demand is projected to improve modestly in 2019. AGCO’s net sales for 2019 are expected to reach approximately $9.5 billion reflecting improved sales volumes and positive pricing, offset by unfavorable foreign currency translation impacts. Gross and operating margins are expected to improve from 2018 levels, reflecting the positive impact of pricing and cost reduction efforts. Based on these assumptions, 2019 earnings per share are targeted at approximately $4.88 on a reported basis, or approximately $4.90 on an adjusted basis, which excludes restructuring expenses.
Through well-known brands including Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, AGCO Corporation delivers agricultural solutions to farmers worldwide through a full line of tractors, combine harvesters, hay and forage equipment, seeding and tillage implements, grain storage and protein production systems, as well as replacement parts. … read more – agrartechnik-jobs.de – lmv-jobboerse – Manfred Lorenzen, Soest
Quelle: AGCO Corporation, Duluth, GA