AGCO Reports Q4 Earnings

In its 4Q23 earnings release on Feb. 6, AGCO reported net sales of $3.8 billion for the fourth quarter of 2023, a decrease of 2.5% compared to the fourth quarter of 2022. Net sales for the full year of 2023 were approximately $14.4 billion, which is an increase of 13.9% compared to 2022. Excluding favorable currency translation impacts of 0.1%, net sales for the full year of 2023 increased 13.8% compared to 2022.

North America

AGCO’s North American net sales increased 18% for the full year of 2023 compared to 2022, excluding the impact of favorable currency translation. Positive pricing and increased sales of high-horsepower tractors, application equipment as well as combines represented the largest increases. Income from operations for the full year of 2023 increased $180.5 million compared to 2022 and operating margins were 12.2%.

Source: Farm-Equipment.com