AGCO Q3 net sales fall 24.8% to $2.6B, adjusted EPS $0.68; reaffirms 9% margin target

AGCO CORP /DE

2024-Q3 EPS reported -$2.27 revenue$8,774,600,000

Q3 net sales $2.6B, down 24.8% YoY; reported EPS $0.40 vs $3.74; adjusted EPS $0.68 vs $3.97.
Regional sales: North America -21.8%, South America -47.0%, EME -18.2%, APA -11.7%.
Reaffirms full-year adjusted operating margin target of 9%; 2024 adjusted EPS outlook ~$7.50.
Closed divestiture of Grain & Protein business on Nov 1; 2024 net sales expected ~$12.0B.
Industry retail tractor demand down across major regions: NA -11%, SA -9%, WE -6% in first nine months.

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