AGCO Q3 sales, income fall

AGCO, Your Agriculture Company, a worldwide manufacturer and distributor of agricultural equipment, reported net sales of $1.7 billion for the third quarter of 2015, down 19.4% compared with net sales of $2.2 billion for the third quarter of 2014. Net income was $0.77 per share for the third quarter, compared with reported net income of $0.69 per share and adjusted net income, excluding restructuring and other infrequent expenses, of $0.71 per share for the third quarter of 2014.

Net sales for the first nine months of 2015 were $5.5 billion, down 23.9% compared with the same period in 2014. For the first nine months of 2015, reported net income was $2.33 per share and adjusted net income, excluding restructuring and other infrequent expenses, was $2.45 per share. These results compare with reported net income of $3.50 per share and adjusted net income, excluding restructuring and other infrequent expenses, of $3.52 per share for the first nine months of 2014.

“Our third quarter was highlighted by focused operational performance with cost control and inventory management efforts helping to lessen the impacts of weak global industry demand and currency pressures,” said Martin Richenhagen, AGCO’s Chairman, president and CEO. “Our emphasis during these challenging times is on operational execution through efforts like AGCO Production Systems and new product introductions like our new Valtra T-series and N-series tractors.

“In addition, AGCO recently launched our Fuse Connected Services, a suite of technology-enabled services designed to help growers improve overall farm efficiency by reducing maintenance and input costs, improving yields and enabling more informed business decisions. We will continue to invest in new technologies, product innovation and new precision agriculture service capabilities – both within AGCO, and by partnering with leading technology companies.”