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Jun 30, 2023
AGCO Q2 2023 Earnings Report
AGCO's second quarter results were reported, featuring record net sales and operating margin.
Key Takeaways
AGCO reported record second quarter net sales of $3.8 billion, up nearly 30% year-over-year, and a record operating margin of 13%. The company raised its full-year sales, operating margin, and earnings per share outlook.
Net sales for the second quarter were approximately $3.8 billion, an increase of approximately 29.8% compared to the second quarter of 2022.
Reported net income was $4.26 per share for the second quarter of 2023, and adjusted net income was $4.29 per share.
Europe/Middle East net sales increased 35.7%, North America +34.7%, South America +15.3%, Asia/Pacific/Africa +8.2%.
AGCO’s net sales for 2023 are expected to be approximately $14.7 billion.
AGCO
AGCO
AGCO Revenue by Geographic Location
Revenue by Geographic Location
North America Revenue
CapyFin.comSouth America Revenue
CapyFin.comEurope/Middle East Revenue
CapyFin.comAsia/Pacific/Africa Revenue
CapyFin.com Forward Guidance
AGCO’s net sales for 2023 are expected to be approximately $14.7 billion, reflecting improved sales volumes and pricing. Based on these assumptions, 2023 reported earnings per share are targeted at approximately $14.82 and adjusted earnings per share at approximately $15.25.
Positive Outlook
- Improved sales volumes
- Improved pricing
- Gross margins are projected to improve from 2022 levels
- Operating margins are projected to improve from 2022 levels
- Increases in engineering and other technology investments to support AGCO’s precision agriculture and digital initiatives.
Revenue & Expenses
Visualization of income flow from segment revenue to net income