AGCO Reports Q4 Earnings
AGCO reported net sales of $3.9 billion for the fourth quarter of 2022, an increase of 23.6% compared to the fourth quarter of 2021. These results compare to reported net income of $3.75 per share and adjusted net income, which excludes restructuring expenses and the reversal of a valuation allowance previously established against the Company’s deferred tax assets in Brazil, of $3.08 per share, for the fourth quarter of 2021.
“For 2023, we expect continued sales growth and margin expansion as industry demand remains strong and our farmer-first strategy continues to gain traction,” said Eric Hansotia, AGCO’s Chairman, President and Chief Executive Officer. “We assume global market conditions will remain healthy, as favorable farm economics allow farmers to continue to invest in new more productive equipment and technology upgrades. While improving, we expect supply chain pressures will persist, presenting challenges throughout the year. “