AGCO reports record Q3 net sales of $3.5B, raises FY adjusted EPS outlook to $15.75

AGCO CORP /DE

2023-Q3 EPS reported $11.10 revenue$10,611,700,000

Q3 net sales $3.5B (+10.7% YoY); reported EPS $3.74, adjusted EPS $3.97 (vs. $3.18 adj. Q3 2022).
South America net sales +26% YoY (18.5% constant currency); regional operating margin 20.8%.
FY 2023 guidance raised: net sales ~$14.7B, reported EPS ~$15.08, adjusted EPS ~$15.75.
Year-to-date operating margin over 12%; robust demand and improving supply chain cited.
Planned joint venture with Trimble for precision ag assets noted as strategic highlight.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AGCO CORP /DE updated its full year 2023 guidance (raised).

Period: full year 2023
Guidance: raised
Result: guidance update

Exact text from the filing

Raises full-year operating margin and earnings per share outlook

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Earnings Releases SEC 8-K Item 2.02 confidence 0.96

AGCO CORP /DE reported first nine months of 2023 results: revenue approximately $10.6 billion, net income $11.10 per share, EPS $11.10 per share.

Period: first nine months of 2023
Revenue: approximately $10.6 billion
Net income: $11.10 per share
EPS: $11.10 per share
Result: reported results

Exact text from the filing

of non-GAAP measures in appendix. (2) As compared to third quarter 2022. (3) Excludes currency translation impact. Net sales for the first nine months of 2023 were approximately $10.6 billion, an increase of 21.2% compared to the same period in 2022. Excluding unfavorable currency translation impacts of 0.7%, net sales for the first nine months of 2023 increased 21.9%

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Earnings Releases SEC 8-K Item 2.02 confidence 0.97

AGCO CORP /DE reported third quarter ended September 30, 2023 results: revenue approximately $3.5 billion, net income $3.74 per share, EPS $3.74 per share.

Period: third quarter ended September 30, 2023
Revenue: approximately $3.5 billion
Net income: $3.74 per share
EPS: $3.74 per share
Result: reported results

Exact text from the filing

Net sales for the third quarter were approximately $3.5 billion, an increase of 10.7% compared to the third quarter of 2022. Excluding favorable foreign currency translation of 3.5%, net sales in the quarter increased 7.2% compared to the third quarter of 2022. Reported net income was $3.74 per share for the third quarter of 2023, and adjusted net income (1) , which excludes restructuring expenses, transaction-related costs and costs related to a completed divestiture, was $3.97 per share.

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AGCO CORP /DE filing history →

Source: SEC EDGAR

accession 0000880266-23-000069

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