AGCO Corporation (NYSE:AGCO), an agricultural equipment manufacturer, reported first-quarter net sales of $2.3 billion, up 14.3% year over year.
The company beat the $2.259 billion revenue estimate for the quarter. Adjusted EPS was 94 cents, topping the 44-cent estimate.
Reported EPS came in at 76 cents, up from 14 cents a year earlier.
Profit Growth And Margin Expansion
Reported net income attributable to AGCO rose to $55.0 million from $10.5 million, while adjusted operating income increased to $107.4 million.
Adjusted operating margin improved to 4.6% from 4.1%.
“AGCO delivered healthy first-quarter sales and margin results, reflecting disciplined execution in a demanding agricultural market and dynamic global environment,” said CEO Eric Hansotia.
Regional Performance And Market Trends
Europe/Middle East net sales rose 20.3% to $1.60 billion, or 9.0% excluding currency, with operating income increasing to $259.0 million.
North America net sales increased 10.0% to $406.4 million, while operating loss widened …