AGCO reports Q2 adjusted EPS $2.53 vs $4.29 YoY; lowers 2024 guidance to ~$8.00

AGCO CORP /DE

2024-Q2 EPS reported -$2.67 revenue$6,175,300,000

Net sales $3.2B, down 15.1% YoY; reported EPS $(4.92) includes estimated loss on Grain & Protein held for sale.
Adjusted EPS $2.53 vs $4.29 in Q2 2023; 2024 adjusted EPS guidance lowered to ~$8.00.
Regional sales declines (constant currency): North America -15.8%, South America -39.2%, EME -3.7%, APA -32.6%.
Announced divestiture of Grain & Protein on July 25, expected close by year-end; paid special dividend $2.50/share.
Company cites weakening market conditions, production cuts; 2024 net sales ~$12.5B, adj. operating margin ~9%.

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