Majors Announce Results

AGCO Corp. has reported its third-quarter net income jumped 35% as higher crop prices gave farmers the incentive to buy more machinery. The company said its net income for the quarter ended Sept. 30 was $84.4 million, compared to $62.3 million, during the same period last year. Revenue for the quarter rose 27% to $2.1 billion from $1.66 billion during the same period last year. The company said it expects full year revenue of between $8.7 billion and $8.8 billion.

Also in the news, Argentina’s government has announced that AGCO has agreed to invest $140 million in a new factory that will produce tractors and motors in the South American nation.

CNH Global has announced net sales increased 30% (26% on a constant currency basis) to $4.6 billion for the quarter ending September 30. Net equipment sales for the quarter were 77% from agricultural equipment and 23% from construction equipment. The geographical distribution of revenue for the period was 42% North America, 29% EAME region & CIS, 17% Latin America, and 12% APAC markets.