AGCO Cuts Factory Hours

Agco has lowered its sales expectations for the year and cut its factory hours by 21%.

Agrimoney reported Tuesday that the maker of Massey Ferguson and Fendt machinery told investors its initial sales forecast of a 15 to 17% decline has been revised to a 19 to 21% drop in sales.

With the move to cut factory hours, Agco said it expects to meet its profit projections for the year.

Agco Chief Executive Martin Richenhagen mentions two primary contributors to the forecast. Unfavorable currency exchange rates have reduced sales by 11%. Low crop prices have prompted farmers to cut costs.

The news reflected sales for January, February, and March. S