Second-quarter net sales for AGCO decreased by about 4.5 percent compared to the same quarter last year. Net sales for the first six months of 2019 dipped by about 2.8 percent compared to 2018.
In North America, net sales for the quarter ended June 30 increased by 3.1 percent. For the first half of the year, net sales increased by 1.1 percent in North America. The company reported that increased sales of application equipment, as well as high horsepower and compact tractors, were partially offset by lower sales of utility tractors.
Sales were down for the quarter in South America, Europe/Middle East, and Asia/Pacific/Africa.
“Continued progress on our margin initiatives allowed us to overcome increasingly challenging market conditions in our key markets and improve earnings per share on relatively flat revenues,” said Martin Richenhagen, chairman, president and CEO. “Increased price realization and initiatives aimed at lowering material costs and raising productivity contributed to the improved profitability in the second quarter. While we have lowered our production schedule to align with market demand, we have raised our earnings outlook for the full year to reflect our confidence in our continued strong margin performance.”
Information in this story is based on numbers not adjusted to reflect constant currency comparisons.