AGI’s Backlog Triples on Farm Equipment Orders

AGI reported an 11 percent increase in year-over-year consolidated trade sales for the quarter that ended Sept. 30. Consolidated backlogs were up 99 percent compared to the same quarter last year.

Farm segment trade sales grew 11 percent. Demand in the segment continues to be robust as customers focus on securing critical products based on the increase in crop volumes and the potential for supply chain disruption. Farm backlog is up 202 percent over prior year as of Sept. 30.

“Our team continued to execute very well amid challenging supply chain conditions,” noted Tim Close, president and CEO of AGI. “While supply chain dynamics led to margin compression, comprehensive supplier and market initiatives mitigated the full potential impact in the quarter. We are seeing cost increases ease and input availability improve, meaning margins will steadily improve into the fourth quarter and 2022. Our backlog has continued to grow into the fourth quarter and sits at record levels setting up for a very strong fourth quarter and 2022.”

Source: AGI