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AGCO. Net sales dropped by 3.4% in the first quarter

05.05.2020 20:10 "Agro Perspectiva" (Kyiv) AGCO, a worldwide manufacturer and distributor of agricultural equipment and solutions, reported its results for the first quarter ended March 31, 2020.

Net sales for the first quarter were approximately $1.9billion, a decrease of approximately 3.4% compared to the first quarter of 2019. Reported net income was $0.85per share for the first quarter of 2020and adjusted net income, excluding restructuring expenses, was $0.86per share. These results compare to reported net income of $0.84per share and adjusted net income, excluding restructuring expenses, of $0.86per share for the first quarter of 2019. Excluding unfavorable currency translation impacts of approximately 3.6%, net sales in the first quarter of 2020increased approximately 0.2% compared to the first quarter of 2019.

«AGCO delivered solid results for the first quarter under challenging conditions,» stated Martin Richenhagen, AGCOs Chairman, President and Chief Executive Officer. «AGCOs current priorities are the safety of our employees and serving the worlds farmers as we do our part to minimize the impact of the COVID-19 pandemic on the worlds food supply. We are facing a very dynamic environment requiring rigorous and coordinated business planning to manage our manufacturing, supply chain and aftermarket operations, to effectively serve our dealers and end-customers as well as to maintain a productive workforce. In addition to restarting factories and ramping up production, we remain focused on maintaining parts and service support for our dealers and our customers. It is rewarding to see our employees rise to the challenge to find innovative solutions to keep our business running effectively and support farmers as they continue their important work.»

Agro Perspectiva

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