Net sales for AGCO increased by about 8 percent for the fourth quarter of 2020. Excluding favorable currency translation, the increase was about 6.7 percent.
Net sales for the entire year increased by 1.2 percent, or 3 percent after adjusting for currency.
In a breakdown of sales by region, AGCO reported a 10.3 decline in net sales for the quarter in North America, a 52.7 percent gain in South America, a 7.7 percent gain in Europe/Middle East, and a 3.8 percent loss in Asia-Pacific. Those percentages are based on a constant currency comparison.
For North America, the company reported increases in sales of precision planting equipment, high horsepower tractors and parts and lower sales of grain and protein production equipment as well as sprayers.
AGCO expects net sales for 2021 to improve. The company intends to invest more in engineering and other technology to support precision agriculture and digital initiatives.