AGCO Reports 2Q Results

AGCO reported net sales of approximately $3 billion during the second quarter of 2013, an increase of approximately 13.3% compared to net sales of $2.7 billion for the second quarter of 2012. Net income for the second quarter of 2013 was $2.15 per share.

The company reported sales growth across all regions, with the largest increases in South America and Asia/Pacific. Regional sales results (1): South America +28%; Asia/Pacific (APAC) +18%; Europe/Africa/ Middle East (EAME) +12%; North America +8%.

Operating margins were 10.7% in the second quarter of 2013 versus 9.8% in the second quarter of 2012. Regional operating margin performance: North America 15.4%, EAME 12.8%, South America 11.1%, APAC (0.7%).

Martin Richenhagen, Chairman, President and CEO said, “Healthy market demand in North and South America generated growth in both sales and production. Low levels of material cost inflation coupled with our margin improvement initiatives also contributed to our improved results. We are successfully increasing margins through purchasing actions, factory efficiency projects and new product development. Our performance against our working capital targets is on track, and we are positioned for another year of strong cash flow generation.”