AGCO CORP /DE — fact timeline

AGCO CORP /DE reported first quarter ended March 31, 2026 results: revenue $2.3 billion, net income $0.76 per share, EPS $0.76 per share. Guidance raised.

“Relations VP, Chief Communications Officer 404-403-6042 678-654-7719 greg.peterson@agcocorp.com rachel.potts@agcocorp.com AGCO REPORTS FIRST-QUARTER RESULTS • Net sales of $2.3 billion, up 14.3% year-over-year • Reported earnings per share of $0.76 and adjusted earnings per share (1) of $0.94 • Full-year adjusted earnings per share outlook increased to”

Zhanna Golodryga was appointed as Director at AGCO CORP /DE.

“appointed Zhanna Golodryga to the Board, effective as of April 1, 2025”

AGCO CORP /DE completed a disposition involving American Industrial Partners, through its affiliate A-AG Holdco Limited for $700 million (closed 2024-11-01).

“On November 1, 2024, AGCO Corporation (“AGCO” or the "Company") and its wholly-owned subsidiary Massey Ferguson Corp. completed the previously announced sale (the “Divestiture”) of AGCO’s Grain & Protein business, which includes the GSI®, Automated Production® (AP), Cumberland®, Cimbria® and Tecno® brands, to A-AG Holdco Limited, an affiliate of American Industrial Partners, pursuant to a Stock and Asset Purchase Agreement (the “Purchase Agreement”) entered into on July 25, 2024, for a purchase price of $700 million, subject to customary working capital and other adjustments.”

AGCO CORP /DE announced a restructuring with charges of approximately $150 million to $200 million affecting certain corporate and back-office functions (up to approximately 6% as compared to its salaried workforce as of December 31, 2023).

“The Company estimates that it will incur charges for one-time termination benefits of approximately $150 million to $200 million in connection with this phase of the Program, primarily consisting of cash charges related to severance payments, employees benefits and related costs.”

Damon Audia resigned as Senior Vice President and Chief Financial Officer at AGCO CORP /DE.

“succeeding Damon Audia who has served in that role since September 2023. Mr. Audia will continue to serve in his role as Senior Vice President and Chief Financial Officer.”

Indira Agarwal was appointed as Vice President and Chief Accounting Officer at AGCO CORP /DE.

“On May 16, 2024, AGCO Corporation (the “Company”) reported that Indira Agarwal was appointed Vice President and Chief Accounting Officer of the Company, effective June 17, 2024 (the “Effective Date”).”

AGCO CORP /DE reported the first quarter ended March 31, 2024 results: revenue $2.9 billion, net income $2.25 per share, EPS $2.25.

“AGCO REPORTS FIRST-QUARTER RESULTS • Net sales of $2.9 billion, down 12.1% • Reported earnings per share of $2.25 and adjusted earnings per share (1) of $2.32”

AGCO CORP /DE shareholders approved To ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for 2024. at the 2024-04-25 meeting.

“The results follow: For Against Abstain 62,942,256 3,839,671 59,061”

AGCO CORP /DE shareholders approved To consider a non-binding advisory resolution to approve the compensation of the Company’s named executive officers. at the 2024-04-25 meeting.

“The results follow: For Against Abstain 59,648,749 3,715,554 723,422 In addition to the votes reported above, there were 2,753,263 broker non-votes for this proposal.”

AGCO CORP /DE shareholders approved To elect ten directors to the Board of Directors for terms expiring at the Annual Meeting in 2025. at the 2024-04-25 meeting.

“In addition to the votes reported above, there were 2,753,263 broker non-votes for this proposal.”

AGCO CORP /DE amended Amended and Restated Letter Agreement with Tractors and Farm Equipment Limited (effective 2024-04-15).

“On April 15, 2024, AGCO Corporation (“AGCO”) and Tractors and Farm Equipment Limited (“TAFE”) amended the Amended and Restated Letter Agreement dated as of April 24, 2019, between AGCO and TAFE to extend the expiration date from April 24, 2024, to April 24, 2025.”

AGCO CORP /DE completed an acquisition involving Trimble Inc. for $1.954 billion in cash (closed 2024-04-01).

“On April 1, 2024, pursuant to the terms of an Amended and Restated Sale and Contribution Agreement (the “ Agreement ”) among the AGCO Corporation (“ AGCO ”), Trimble Inc. (“ Trimble ”) and PTx Trimble, LLC, formerly known as Trimble Solutions, LLC (the “ Joint Venture ”), AGCO and Trimble completed (i) the contribution by Trimble to the Joint Venture of Trimble’s OneAg business, which is Trimble’s agricultural business, excluding certain Global Navigation Satellite System and guidance technologies, and an amount of cash, (ii) the contribution by AGCO to the Joint Venture of its interest in JCA Industries, LLC d/b/a JCA Technologies and an amount of cash, and (iii) the purchase by AGCO from Trimble of membership interests in the Joint Venture in exchange for the payment by AGCO to Trimble of $1.954 billion in cash, subject to customary working capital and other adjustments.”

AGCO CORP /DE entered into Senior Note Indenture and First Supplemental Indenture with HSBC Bank USA, National Association (as trustee) valued at $1,100,000,000 aggregate principal amount of 5.450% 2027 Notes and 5.800% 2034 Notes (effective 2024-03-21).

“The Notes were issued pursuant to the Senior Note Indenture, dated as of March 21, 2024 (the “Base Indenture”), among the Company, the Guarantors and HSBC Bank USA, National Association, as trustee (the “Trustee”), as amended and supplemented by the First Supplemental Indenture, dated as of March 21, 2024, among the Company, the Guarantors and the Trustee (the “First Supplemental Indenture” and together with the Base Indenture, the “Indenture”).”

AGCO CORP /DE entered into Underwriting Agreement with Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Rabo Securities USA, Inc. valued at $1,100,000,000 (aggregate $400,000,000 2027 Notes + $700,000,000 2034 Notes) (effective 2024-03-18).

“On March 21, 2024, AGCO Corporation (the “Company”) completed its underwritten public offering of (i) $400,000,000 aggregate principal amount of 5.450% Senior Notes due 2027 (the “2027 Notes”) and (ii) $700,000,000 aggregate principal amount of 5.800% Notes due 2034 (the “2034 Notes”, and together with the 2027 Notes, the “Notes”), pursuant to an Underwriting Agreement, dated as of March 18, 2024 (the “Underwriting Agreement”), among the Company, the Guarantors (as defined below) and Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Rabo Securities USA, Inc., as representatives of the underwriters named in the Underwriting Agreement.”

AGCO CORP /DE reported 2024 full year results: revenue ~$13.6 billion, EPS ~$13.15. Guidance initiated.

“Introduces outlook for 2024 full year net sales of ~$13.6 billion and earnings per share of ~$13.15”

AGCO CORP /DE reported the full year of 2023 results: revenue $14.4 billion, EPS $15.63 per share.

“Net sales for the full year of 2023 were approximately $14.4 billion, which is an increase of 13.9% compared to 2022. Excluding favorable currency translation impacts of 0.1%, net sales for the full year of 2023 increased 13.8% compared to 2022. For the full year of 2023, reported net income wa s $15.63 per share, and adjusted net income (3) was $15.55 per share.”

AGCO CORP /DE reported the fourth quarter of 2023 results: revenue $3.8 billion, EPS $4.53 per share.

“AGCO, Your Agriculture Company (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, reported net sales of $3.8 billion for the fourth quarter of 2023, a decrease of 2.5% compared to the fourth quarter of 2022. Reported net income was $4.53 p er share for the fourth quarter of 2023, and adjusted net income (3) was $3.78 per share.”

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.

“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%”

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

“Raises full-year operating margin and earnings per share outlook”

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.

“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.”

AGCO CORP /DE incurred credit facility of up to $2 billion with Morgan Stanley Senior Funding, Inc. at at an interest rate equal to, at AGCO's election, a 'Base Rate' plus an 'Applica maturing 364 days after the closing.

“To provide for financing in the event that the note issuances are not complete prior to closing, AGCO entered into a commitment letter for a $2.00 Billion Senior Unsecured 364-Day Bridge Facility (the “ Commitment Letter ”) with Morgan Stanley Senior Funding, Inc.”

AGCO CORP /DE entered into Senior Unsecured 364-Day Bridge Facility Commitment Letter with Morgan Stanley Senior Funding, Inc. valued at Up to $2 billion, interest rate (Base Rate or Term SOFR plus Applicable Margin), Duration Fee, matur (effective 2023-09-28).

“To provide for financing in the event that the note issuances are not complete prior to closing, AGCO entered into a commitment letter for a $2.00 Billion Senior Unsecured 364-Day Bridge Facility (the “ Commitment Letter ”) with Morgan Stanley Senior Funding, Inc.”

AGCO CORP /DE entered into Sale and Contribution Agreement with Trimble Inc. valued at AGCO will pay $2 billion in cash, own 85% interest in the Joint Venture; termination fee of $94 mill (effective 2023-09-28).

“On September 28, 2023, AGCO Corporation (“ AGCO ”) entered into a Sale and Contribution Agreement (the “ Agreement ”) with Trimble Inc. (“ Trimble ”) and its currently 100%-owned subsidiary Trimble Solutions, LLC (the “ Joint Venture ”).”

Damon Audia changed role as Chief Accounting Officer at AGCO CORP /DE.

“At that time, Damon Audia assumed the responsibilities of Chief Accounting Officer of AGCO Corporation.”

AGCO CORP /DE reported the second quarter ended June 30, 2023 results: revenue approximately $3.8 billion, net income $4.26 per share, EPS $4.26 per share. Guidance raised.

“Net sales for the second quarter were approximately $3.8 billion, an increase of approximately 29.8% compared to the second quarter of 2022. Excluding unfavorable foreign currency translation of approximately 0.8%, net sales in the quarter increased approximately 30.6% compared to the second quarter of 2022. Reported net income was $4.26 per share for the second quarter of 2023, and adjusted net income (1) , which excludes restructuring expenses and an update to the estimated cost of participation in a Brazilian income tax amnesty program, was $4.29 per share.”

AGCO CORP /DE shareholders approved Advisory vote on the frequency of future advisory votes on executive compensation at the 2023-04-27 meeting.

“On April 27, 2023, AGCO Corporation shareholders conducted a non-binding advisory vote on the frequency of future advisory votes on executive compensation. The Company's shareholders recommended that the Company hold an annual advisory vote on executive compensation.”

AGCO CORP /DE reported first quarter ended March 31, 2023 results: revenue approximately $3.3 billion, EPS $3.10 per share. Guidance raised.

“Net sales for the first quarter were approximately $3.3 billion, an increase of approximately 24.1% compared to the first quarter of 2022.”

AGCO CORP /DE shareholders approved To ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for 2023. at the 2023-04-27 meeting.

“To ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for 2023. The results follow: For Against Abstain 62,174,886 3,764,011 50,288”

AGCO CORP /DE shareholders approved To consider a non-binding advisory resolution to approve the compensation of the Company’s named executive officers. at the 2023-04-27 meeting.

“To consider a non-binding advisory resolution to approve the compensation of the Company’s named executive officers. The results follow: For Against Abstain 57,284,507 5,528,579 668,672 In addition to the votes reported above, there were 2,507,427 broker non-votes for this proposal.”

AGCO CORP /DE shareholders approved To consider a non-binding advisory vote relating to the frequency (every one, two or three years) of the non-binding stockholder vote on the compensation of the Company's named executive officers. at the 2023-04-27 meeting.

“The results follow: 1 Year 2 Years 3 Years Abstain 61,101,567 17,205 2,316,891 46,096 In addition to the votes reported above, there were 2,507,427 broker non-votes for this proposal.”

AGCO CORP /DE shareholders approved To elect ten directors to the Board of Directors for terms expiring at the Annual Meeting in 2024. at the 2023-04-27 meeting.

“The Company’s Annual Meeting of Stockholders was held on April 27, 2023. The following matters were voted upon and the results of the voting were as follows: (1) To elect ten directors to the Board of Directors for terms expiring at the Annual Meeting in 2024. The nominees, Messrs. Arnold, De Lange, Hansotia, Minnich, Pörksen, Sagehorn and Tsien and Mses. Barbour, Clark and Srinivasan were elected to the Company’s Board of Directors. The results follow:”

AGCO CORP /DE reported 2023 full year results: revenue ~$14 billion, EPS ~$13.50. Guidance reaffirmed.

“Reiterates 2023 full year net sales of ~$14 billion and earnings per share of ~$13.50”

AGCO CORP /DE reported fourth quarter of 2022 results: revenue $3.9 billion, EPS $4.29 per share.

“AGCO, Your Agriculture Company (NYSE: AGCO), a worldwide manufacturer and distributor of agricultural equipment and solutions, reported net sales of $3.9 billion for the fourth quarter of 2022, an increase of 23.6% compared to the fourth quarter of 2021. Reported net income was $4.29 p er share for the fourth quarter of 2022”

AGCO CORP /DE incurred revolving credit of $1.25 billion with Coöperatieve Rabobank U.A., New York Branch (Rabobank) and other lenders at SOFR plus 0.1% plus margin 0.875%-1.875% or base rate plus margin 0.000%-0.875%; maturing December 19, 2027.

“On December 19, 2022, the Company, certain of its subsidiaries and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”), and the other lenders named therein, entered into an Amended and Restated Credit Agreement providing for a $1.25 billion multi-currency unsecured revolving credit facility, which replaced the Company’s former $800.0 million multi-currency unsecured revolving credit facility and provided an additional $450.0 million in borrowing capacity. An initial borrowing under the multi-currency unsecured revolving credit facility was used to retire a $240.0 million short-term multi-currency revolving credit facility with Rabobank that was due to mature on March 31, 2023. The credit facility consists of a $325.0 million U.S. dollar only tranche and a $925.0 million multi-currency tranche for loans denominated in U.S. Dollars, Euros or other currencies to be agreed upon. The credit facility matures on December 19, 2027. Interest accrues on amounts outstanding for any borrowing”

AGCO CORP /DE entered into Amended and Restated Credit Agreement with Coöperatieve Rabobank U.A., New York Branch valued at $1.25 billion multi-currency unsecured revolving credit facility (effective 2022-12-19).

“On December 19, 2022, the Company, certain of its subsidiaries and Coöperatieve Rabobank U.A., New York Branch (“Rabobank”), and the other lenders named therein, entered into an Amended and Restated Credit Agreement providing for a $1.25 billion multi-currency unsecured revolving credit facility, which replaced the Company’s former $800.0 million multi-currency unsecured revolving credit facility and provided an additional $450.0 million in borrowing capacity. An initial borrowing under the multi-currency unsecured revolving credit facility was used to retire a $240.0 million short-term multi-currency revolving credit facility with Rabobank that was due to mature on March 31, 2023. The credit facility consists of a $325.0 million U.S. dollar only tranche and a $925.0 million multi-currency tranche for loans denominated in U.S. Dollars, Euros or other currencies to be agreed upon. The credit facility matures on December 19, 2027. Interest accrues on amounts outstanding for any borrowing”

AGCO CORP /DE reported the first nine months of 2022 results: revenue $8.8 billion, EPS $7.58 per share. Guidance reaffirmed.

“Net sales for the first nine months of 2022 were approximately $8.8 billion, an increase of approximately 9.6% compared to the same period in 2021.”

AGCO CORP /DE reported the third quarter ended September 30, 2022 results: revenue $3.1 billion, EPS $3.18 per share. Guidance reaffirmed.

“Net sales for the third quarter were approximately $3.1 billion, an increase of approximately 14.5% compared to the third quarter of 2021.”

AGCO CORP /DE: Amended bylaws to incorporate universal proxy rules, update Delaware law provisions, and address virtual stockholder meetings and other minor matters (effective 2022-10-27).

“On October 27, 2022, the Company's Board of Directors approved amendments to the Company’s bylaws designed to dovetail the notice and other provisions governing the nomination of director candidates with the framework contained in the SEC’s recent “universal proxy” rules. The amendments also address recent changes in Delaware law, virtual stockholder meetings and various other minor matters.”

Tim Millwood was appointed as Chief Supply Chain Officer at AGCO CORP /DE.

“Mr. Veltmaat will be replaced by Tim Millwood.”

Hans-Bernd Veltmaat departed as Senior Vice President – Chief Supply Chain Officer at AGCO CORP /DE.

“On July 21, 2022, AGCO Corporation (the “Company”) announced that effective December 31, 2022, Hans-Bernd Veltmaat would be retiring from the Company.”

Damon J. Audia was appointed as Chief Financial Officer at AGCO CORP /DE.

“On June 15, 2022, AGCO Corporation (the “Company”) announced that effective July 1, 2022, Andrew H. Beck would be stepping down as Chief Financial Officer and would be replaced by Damon J. Audia.”

Andrew H. Beck changed role as Chief Financial Officer at AGCO CORP /DE.

“On June 15, 2022, AGCO Corporation (the “Company”) announced that effective July 1, 2022, Andrew H. Beck would be stepping down as Chief Financial Officer and would be replaced by Damon J. Audia.”

David Sagehorn was elected as Director at AGCO CORP /DE.

“announced the election of David Sagehorn to its Board of Directors effective March 15, 2022.”

Roy Armes departed as Director at AGCO CORP /DE.

“The Company also announced that Mr. Roy Armes is retiring from the Board of Directors effective October 21, 2021.”

Niels Pörksen was elected as Director at AGCO CORP /DE.

“On October 21, 2021, AGCO Corporation (“the Company”) announced the election of Niels Pörksen to its Board of Directors effective the same day.”