AGCO Reports Record Q3 Net Sales

AGCO has reported financial results for the third quarter ended Sept. 30, 2023. Net sales for 3Q2023 were approximately $3.5 billion, an increase of 10.7% year-over-year. Excluding favorable foreign currency translation of 3.5%, net sales for 3Q23 grew 7.2% compared to the 3Q2022.

Net sales for 2023 YTD were approximately $10.6 billion, an increase of 21.2% year-over-year. Excluding unfavorable currency translation impacts of 0.7%, net sales for the first 9 months of 2023 increased 21.9% compared to the same period in 2022.

Net sales in the North American region increased 21.9% in the first 9 months of 2023 compared to the same period of 2022, excluding the negative impact of currency translation. The growth resulted primarily from increased sales of high-horsepower tractors, application equipment and combines along with the positive effects of pricing to mitigate inflationary cost pressures.

North America retail tractor sales declined approximately 2% in the first nine months of 2023 compared to last year. The decline was driven by weaker sales in smaller tractors partially offset by improved sales of high-horsepower tractors, which increased approximately 10% in the first 9 months of 2023 compared to the same period in 2022. North America industry retail tractor demand for 2023 is expected to be down modestly compared to 2022. Industry retail sales for combines in North America increased significantly in the first 9 months of 2023 compared to 2022, due mainly to improving supply chains.

Source: Farm-Equipment.com