AGCO Corporation, DULUTH, Ga.: AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, reported net sales of approximately $2.6 billion for the fourth quarter of 2018. Net sales for the full year of 2018 were approximately $9.4 billion, an increase of approximately 12.6% compared to 2017. Excluding the favorable impact of currency translation of approximately 0.1%, net sales for the full year of 2018 increased approximately 12.5% compared to 2017.
• Reported fourth quarter regional sales results(1): Europe/Middle East (“EME”) +5.4%, North America -0.1%, South America -12.6%, Asia/Pacific/Africa (“APA”) +11.4%
• Constant currency fourth quarter regional sales results(1)(2)(3): EME +9.5%, North America +0.8%, South America +0.9%, APA +16.4%
• Generated approximately $596 million in cash flow from operations and approximately $393 million in free cash flow(3) in 2018
• Share repurchase program reduced outstanding shares by approximately 3.1 million during 2018
• Full-year earnings forecast for 2019 remains at approximately $4.60 per share
“AGCO delivered solid results in 2018 while making important investments to position us for future success,” stated Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer. “Sales growth across all of our regions and solid operational execution allowed AGCO to meet its financial targets for 2018 and deliver improved results compared to 2017. We are growing our business by delivering the broadest product offering in the industry. We provide full-line smart farming solutions to our customers throughout the agricultural production cycle, starting with soil preparation and cutting-edge smart planting, through spraying and harvesting, and ending with grain storage and protein production equipment. AGCO will continue to invest in new products, new technology, improved distribution and enhanced digital capabilities in order to improve our margins and produce higher returns on our invested capital. Looking forward to 2019, we are forecasting further earnings improvement as industry conditions trend positively and we benefit from our cost reduction strategies targeted at purchasing actions and factory productivity, as well as new product development.”
Regional Results – Europe/Middle East:
AGCO’s EME net sales increased approximately 13.3% in the full year of 2018 compared to 2017, excluding favorable currency translation. Acquisitions benefited sales by approximately 2.3% during 2018 compared to the full year of 2017. Sales growth was achieved in the key markets of the Germany, France and the United Kingdom. Income from operations increased approximately $107.8 million for the full year of 2018 compared to 2017 due to the benefit of higher sales and margin improvement.
(1) As compared to fourth quarter 2017 / (2) Excludes currency translation impact. / (3) See reconciliation of Non-GAAP measures in appendix.
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Quelle: AGCO Corporation