AGCO Releases Q1 Financials

AGCO announced last week its net sales for the first quarter of 2016 were $1.6 billion, a decrease of approximately 8.4 percent compared to the same quarter last year.

Sales in North America were down by 11.6 percent. Sales in South America fell by 21.2 percent. AGCO reported a 19.4 percent gain in Asia/Pacific, and a 4.2 percent gain in Europe, Africa and the Middle East.

The company’s inventory as of March 31 was $109 million below levels on March 31, 2015.

“AGCO’s first quarter results reflect the cyclicality and seasonality of our industry,” said Chairman, President and CEO Martin Richenhagen. “As anticipated, global market conditions continued to weaken, impacting our revenue and margin performance.”

Richenhagen said while focusing on managing costs, AGCO maintains “a strong level of investment in new products and technologies.” S