AGCO Reports 4Q Results

AGCO reported net sales of approximately $2.9 billion during the fourth quarter of 2013, an increase of approximately 5.8% compared to net sales of $2.7 billion for the fourth quarter of 2012. Total net sales for 2013 (full year) were $10.8 billion, an increase of approximately 8.3% over total net sales for 2012.

“In 2014, industry demand is expected to weaken due to lower commodity prices and reduced farm income,” said CEO Martin Richenhagen. “Our long-term view remains positive as increasing global demand for commodities driven by biofuel use, the growing world population and increasing emerging market protein consumption are expected to support elevated farm income and healthy conditions in our industry.”

AGCO projects net sales ranging from $10.8 billion to $11.0 billion, with forecasted pricing benefits and market share improvements offsetting the impact of the expected industry decline.