AGCO recently reported its results for the second quarter ended June 30.
For the first six months of the year, net sales dipped by 7.2 percent, excluding the impacts of unfavorable currency translations.
In North America, net sales were flat in the first six months of 2020 compared to 2019, the company said. Increased sales of hay equipment, precision planting equipment and high horsepower tractors were mostly offset by lower sprayer and grain and protein sales.
Worldwide net sales for the quarter decreased by about 13.2 percent compared to the second quarter of 2019.
Income from operations for the first six months of 2020 improved. The benefit of a richer mix of products, as well as cost control initiatives contributed most significantly to the increase.
Chairman, President and CEO Martin Richenhagen said that while “all our factories are now open with strong order boards heading into the second half of 2020, we still face a demanding environment to manage our manufacturing, supply chain and aftermarket operations.”