"Farmers' reception of the Fendt brand has been spectacular, and it's a driving factor in AGCO's growth the last few years," said Eric Hansotia, AGCO Chairman, President and CEO. "The Fendt Lodge represents AGCO's commitment to farmers in North America, our faith in Fendt's very bright future and pride in our Jackson teams and community." The lodge's grand opening was celebrated over two days, including an insider's preview on April 30 that highlighted longtime Fendt farmer-customers, dealers and AGCO emplo ...

Financial Data and Key Metrics Changes - First quarter 2024 net sales were $2.9 billion, down approximately 12% from the previous year due to softening global demand for agricultural equipment [8][10] - Consolidated operating margin was 9.3% on a reported basis and 9.6% on an adjusted basis [8] - Adjusted operating margin declined by 210 basis points compared to the first quarter of 2023, primarily due to lower production and increased expenses [25][36] Business Line Data and Key Metrics Changes - Sales in the European region were flat compared to Q1 2023, with operating margins reaching an all-time high of 16.4%, up 230 basis points [9][25] - South American sales decreased approximately 42% year-over-year, with operating margins dropping from nearly 20% in Q1 2023 to about 5.3% [9][24] - North American sales decreased approximately 21%, with significant declines in hay equipment and midrange tractors [24] Market Data and Key Metrics Changes - Global industry retail sales of farm equipment decreased in all key markets, with North America down 9% and Western Europe down 8% [11][12] - South American tractor retail sales decreased 18%, with Brazil showing the most weakness [12][13] - Input costs for fuel and fertilizer have decreased from their peaks in 2022, but farm income is expected to decline in 2024 [14] Company Strategy and Development Direction - The company is focusing on three growth drivers: globalization of the Fendt brand, expansion of the parts business, and growth in precision agriculture [17][22] - AGCO plans to continue investments in premium technology and smart farming solutions to support its farmer-first strategy [10][22] - The integration of PTx Trimble is expected to enhance AGCO's technology offerings and drive growth [19][20] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued challenges in 2024 due to reduced commodity prices and lower farm income expectations [10][30] - The company expects lower sales in 2024 and is focused on cost reduction and inventory management [10][36] - Despite the challenges, management remains confident in the long-term fundamentals supporting industry demand [13][30] Other Important Information - Free cash flow for Q1 2024 was a cash usage of $465 million, which is 32% less than the same period in 2023 [27] - A special variable dividend of $2.50 per share was declared, marking the fourth consecutive year of such dividends [28] - The company expects adjusted earnings per share of approximately $12 for 2024, reflecting various market challenges [33][38] Q&A Session Summary Question: Expectations for production cuts and margins in South America - Management expects continued production cuts in South America, with margins potentially improving to mid-teens in the back half of the year if market conditions improve [40][44] Question: Updated assumptions for organic volume growth across regions - North America is expected to decline around 10% for the full year, Europe down mid-single digits, and South America down approximately 20% [46][47] Question: Clarification on the commercial relationship with TAFE - The company is transitioning to source low horsepower tractors from a different supplier due to performance issues with TAFE [49][50] Question: Insights on European market performance - The Fendt product line has performed exceptionally well, while other brands face more pressure due to market weakness [52] Question: Clarification on Trimble's revenue and margin expectations - The $300 million revenue from Trimble excludes AGCO sales, and margins are expected to be in the high 20% range as the business integrates into AGCO [54][60]

FIRST QUARTER 2024 Financial and Operational Results May 2, 2024 2 SAFE HARBOR Forward-looking statements in this presentation, including statements about our strategic plans and initiatives as well as their financial impacts, demand, product development and capital expenditure plans and timing of those plans and our expectations with respect to the costs and benefits of those plans and timing of those benefits, future revenue, crop production and farm income, production levels, price levels, margins, earni ...

For the quarter ended March 2024, Agco (AGCO) reported revenue of $2.93 billion, down 12.1% over the same period last year. EPS came in at $2.32, compared to $3.51 in the year-ago quarter.The reported revenue represents a surprise of -2.32% over the Zacks Consensus Estimate of $3 billion. With the consensus EPS estimate being $2.29, the EPS surprise was +1.31%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations ...

Agco (AGCO) came out with quarterly earnings of $2.32 per share, beating the Zacks Consensus Estimate of $2.29 per share. This compares to earnings of $3.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.31%. A quarter ago, it was expected that this farm equipment maker would post earnings of $4.03 per share when it actually produced earnings of $3.78, delivering a surprise of -6.20%.Over the last four quarters, the company ...

NEWS RELEASE For Immediate Release Thursday, May 2, 2024 INVESTOR CONTACT: MEDIA CONTACT: VP, Investor Relations VP, Chief Communications Officer AGCO REPORTS FIRST-QUARTER RESULTS DULUTH, GA – May 2 – AGCO, (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, reported net sales of $2.9 billion for the first quarter ended March 31, 2024, a decrease of 12.1% compared to the first quarter of 2023. Reported net income was $2.25 per sha ...

DULUTH, Ga., May 1, 2024 /PRNewswire/ -- AGCO Corporation, (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, announced today that it will participate in the 2024 Oppenheimer Industrial Growth Conference on Monday, May 6, 2024. The conference will include a fireside chat with Damon Audia, Senior Vice President and Chief Financial Officer, at 10:30 a.m. Eastern Time. Investors may listen to a live webcast of the presentation by acc ...

The upcoming report from Agco (AGCO) is expected to reveal quarterly earnings of $2.29 per share, indicating a decline of 34.8% compared to the year-ago period. Analysts forecast revenues of $3 billion, representing a decrease of 10.1% year over year.The current level reflects a downward revision of 0.7% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Prior to a ...

Special Variable Dividend of $2.50 per shareRegular Quarterly Dividend of $0.29 per share DULUTH, Ga., April 25, 2024 /PRNewswire/ -- AGCO Corporation (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, announced today that its Board of Directors declared a special variable dividend in the amount of $2.50 per share and a regular quarterly dividend of $0.29 per outstanding share. The special variable dividend will be payable on June ...

This prestigious honor recognizes women leaders in the manufacturing industry and encourages them to inspire inclusion through helping the next generation of female talent to pursue manufacturing careers.  "Kimberly is a strong leader on our manufacturing team," said Dave Bellefeuille, assembly, warehouse and shipping manager. "She impresses me daily with her drive, positive attitude and dedication to our customers and her team. She is a role model for our whole team on how we put the customer at the center ...