AGCO is reporting fiscal year first quarter net income of $66.3 million. AGCO’s net global sales are $1.9 billion, down about 3.4 percent from the first quarter last year. According to AGCO Chairman, President and Chief Operating Officer Martin Richenhagen, the company delivered solid results for the first quarter under challenging conditions. “The results demonstrate strong execution as we overcame COVID-19 related production disruptions in China and Europe. Strong performance in North America is highlighted in our results.” AGCO’s North American net sales of $552 million are up nearly 12 percent from the first quarter of 2019. This is based on sales of high horsepower tractors and precision planting equipment. South American sales increased nearly 14 percent. The increase in North and South American sales is offset by a reduction of sales in Europe, the Middle East and Asia.
News Categories
Latest RRFN Podcasts
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.