Companies Release Quarterly, Six-Month Financials
There’s a shared sentiment among executives whose companies recently released financial statements: The market is down, but we see indications that better days are on the way.
AGCO – Net sales for AGCO’s second quarter decreased by about 3.6 percent compared to net sales for the same quarter last year. For the first six months of the year, net sales are down by about 5.8 percent compared to 2015.
In North America, net sales decreased 10.8 percent in the first six months of 2016 compared to 2015. In South America, net sales decreased by 17.5 percent.
The company saw increases elsewhere. Net sales in the Europe/Africa/Middle East region improved by 4.4 percent. In the Asia-Pacific region, net sales increased by 23 percent.
Member since 1972 wil-rich.com
Ag Growth International – Ag Growth International reported a 35 percent decrease in net profit compared to the same quarter last year. When looking at the first six months of 2016, however, net profit reflects more than a 100 percent increase over 2015 because of acquisitions.
CEO Tim Close said trade sales in the second quarter increased significantly in part because of an increase in demand for Westeel product and contributions from other recent acquisitions. He said those sales “more than offset” lower sales of farm equipment in the U.S. and a decrease in export sales from AGI’s North American facilities.
Member since 2005 aggrowth.com
Alamo Group – For the first six months of 2016, Alamo reports net income up by 12.6 percent. For that same period, net sales were down by 0.3 percent.
For the quarter, Alamo Group’s net income was 8.8 percent over last year, and net sales saw a 2 percent decrease.
The agricultural division recorded a 2.1 percent decrease in net sales in the second quarter. Ag numbers for the first six months fell by 0.9 percent.
President and CEO Ron Robinson said he does not “see much strengthening in Alamo’s sales in the second half of 2016,” but he feels “the prospects for 2017 and beyond hold more reasonable growth potential.”
Member since 1952 rhinoag.com
Buhler Industries – Buhler reported that revenue for its third quarter is up by 9 percent compared to last year. For the first nine months of the fiscal year, revenue is up by about 2.5 percent. Year-to-date sales in North America have declined, particularly in the U.S.
Net earnings were higher compared to last year, caused in part by a $2.4 million gain on sale of surplus property, as well as improved margin.
Member since 1972 – buhlerindustries.com
Titan International – Net sales for the quarter ended June 30 decreased by 12 percent compared to the same quarter last year.
The report said the company experienced slightly higher volumes from both the earthmoving/construction segment and the consumer segment.
Net sales for the six months of the year decreased by 16 percent.
CEO and Chairman Maurice Taylor said: “The market for high horsepower tractors and combines continue to decline in North America, but in talking with equipment dealers, they have been moving used equipment and look forward to an uptick this fall.”
Trimble – Revenue was up by 4 percent in Trimble’s second quarter compared to 2015. Engineering and construction revenue was up by 4 percent. Field solutions revenue was flat. And mobile solutions revenue was up by 8 percent. Trimble reported that revenue in the advanced devices category also was up by 4 percent.