AGCO Reports Strong First Quarter
AGCO reported its results for the first quarter ended March 31.
Net sales for the first quarter increased by about 23.4 percent compared to the first quarter of 2020. North American net sales increased 9.7 percent compared to last year.
Increased sales of tractors, parts, grain and protein equipment, and precision planting products generated most of the increase.
“Sales of low horsepower tractors (in North America) moved above prior peak levels while demand for high horsepower tractors also improved,” said Chairman, President, and CEO Eric Hansotia. “With the fleet age remaining extended, industry retail sales of North America large agricultural equipment grew approximately 12 percent in the first quarter.”
Elsewhere in the world, net sales in South America increased by 83.8 percent. Sales grew across all markets with the largest increases in Brazil and Argentina.
In Europe and the Middle East, net sales increased by 11.5 percent. The growth reflected all major markets, with high horsepower tractors and parts showing the largest increases.
In the region characterized as Asia/Pacific/Africa, net sales increased by 65.9 percent. Higher sales in China, Australia as well as Africa produced most of the increase.