AGCO Q1 2020 Earnings Report
Key Takeaways
AGCO reported net sales of approximately $1.9 billion, a decrease of approximately 3.4% compared to the first quarter of 2019. Reported net income was $0.85 per share and adjusted net income, excluding restructuring expenses, was $0.86 per share.
Europe/Middle East (“EME”) sales decreased 8.0% , North America sales increased 11.2%, South America sales decreased 1.4%, Asia/Pacific/Africa (“APA”) sales decreased 17.8%.
Constant currency regional sales results: EME decreased 4.7%, North America increased 11.7%, South America increased 13.8%, APA decreased 13.4%
Regional operating margin performance: EME 9.2%, North America 11.0%, South America (5.7)%, APA (1.2)%
New Term Loan - $520 million facility completed in April to provide incremental liquidity
AGCO
AGCO
AGCO Revenue by Geographic Location
Forward Guidance
Given the uncertainty caused by the COVID-19 pandemic, AGCO withdrew all guidance for its 2020 results on March 23, 2020. A considerable amount of uncertainty remains for the balance of 2020 relating to industry demand, production constraints and other impacts of the pandemic. AGCO’s focus is on employee safety, serving customers and operating as effectively as possible under these challenging conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income