AGCO Reports Sales Up in Q1 to $923 Million
AGCO reported May 2 that for the first quarter ended March 31, 2023, net sales were approximately $3.3 billion, an increase of approximately 24.1% compared to the first quarter of 2022. Excluding unfavorable foreign currency translation of approximately 5.4%, net sales in the quarter increased approximately 29.6% compared to the first quarter of 2022.
North America: Net sales in the North American region grew 32.4% in the first three 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. Income from operations for the first quarter of 2023 was approximately $47.3 million higher and operating margins expanded over 320 basis points compared to the same period in 2022. Operating income benefited from higher sales and production, positive net pricing and favorable mix.