AGCO Reports Second Quarter Results

AGCO reported net sales of approximately $2.8 billion for the second quarter of 2014, a decrease of almost 10% compared to the same period in 2013.

North American sales declined 4.5% in the first half of 2014, compared to the first half of 2013, excluding the impact of unfavorable currency translation. The most significant decreases were in high-horsepower tractors and implements, with growth in small tractor sales partially offsetting the declines.

South American net sales decreased 10.1% in the first six months of 2014 compared to the first six months of 2013, excluding the negative impact of currency translation. Lower sales in Brazil produced most of the decrease.

Net sales, excluding favorable currency translation impacts, decreased 4.5% in AGCO’s EAME region in the first half of 2014 compared to the same period in 2013 due to softer market conditions. Sales declines in France, Germany and Austria were partially offset by growth in Africa and Turkey.

Excluding the negative impact of currency translation, net sales in the Asia/Pacific region declined 14.9% in the first six months of 2014 compared to the same period of 2013.

The company stated that global industry demand is softening compared to 2013 and declines are anticipated across all major global agricultural markets, particularly in the professional producer segment. S