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Sep 30, 2024
AGCO Q3 2024 Earnings Report
AGCO's third-quarter results were reported, showing a decrease in net sales compared to the previous year, but the company reaffirmed its full-year adjusted operating margin target.
Key Takeaways
AGCO reported net sales of $2.6 billion for the third quarter, a 24.8% decrease year-over-year. Reported earnings per share were $0.40, and adjusted earnings per share were $0.68. The company reaffirmed its full-year adjusted operating margin target of 9% and revised its 2024 sales and earnings per share outlook to reflect the Grain and Protein divestiture.
Net sales decreased by 24.8% year-over-year, totaling $2.6 billion.
Reported earnings per share (EPS) stood at $0.40, while adjusted EPS reached $0.68.
The full-year adjusted operating margin target of 9% was reaffirmed.
The 2024 sales and earnings per share outlook was revised to reflect the Grain and Protein divestiture.
Revenue by Geographic Location
Forward Guidance
AGCO expects net sales for 2024 to be approximately $12.0 billion, with adjusted operating margins projected to be approximately 9%. Adjusted earnings per share are targeted at approximately $7.50.
Positive Outlook
- Increased cost controls
- Modestly lower investments in engineering.
- Focus on higher margin products
- Better positioning for an upturn in the cycle.
- Ongoing restructuring program
Challenges Ahead
- Lower sales volumes
- Lower production volumes
- Softer industry sales
- Lower end-market demand
- Weaker global industry demand across most equipment categories.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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