AGCO Reports Improved Q1

AGCO has reported net sales of approximately $2 billion for the first quarter of 2018, an increase of about 23.3 percent compared to the first quarter of 2017. Excluding favorable currency translation impacts, net sales in the first quarter of 2018 increased about 14 percent compared to the same quarter last year.

Broken down by region and adjusted for constant currency, sales in North America increased by 29.6 percent, and Europe/Middle East sales increased by 14.3 percent. Sales in South America increased by 9.1 percent. And sales in the Asia/Pacific/Africa region increased by 2.9 percent.

 “AGCO capitalized on strengthening industry demand and delivered solid results in the first quarter,” stated Martin Richenhagen, chairman, president and CEO. “Improved market demand in North America and healthy industry conditions in Western Europe supported sales and margin improvement in those regions resulting in better-than-expected sales and earnings growth for the company. Our weak results in South America reflect the challenging industry environment and lower levels of production, as well as the transition costs associated with localizing newer product technology into our Brazilian factories.”