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AGCO a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, reported net sales of $2.9 billion for the first quarter ended March 31, 2024, a decrease of 12.1% compared to the first quarter of 2023. Reported net income was $2.25 per share for the first quarter of 2024, and adjusted net income was $2.32 per share. These results compare to reported net income of $3.10 per share and adjusted net income of $3.51 per share, for the first quarter of 2023. Excluding favorable foreign currency translation of 1.0%, net sales in the first quarter of 2024 decreased 13.1% compared to the first quarter of 2023.

• Net sales of $2.9 billion, down 12.1%
• Reported earnings per share of $2.25 and adjusted earnings per share of $2.32
• Closed the previously announced joint venture transaction, PTx Trimble, on April 1
• Announced variable special dividend of $2.50 per share on April 25

In a note to investors, J.P. Morgan’s Tami Zakaria said production cuts and destocking continue, but AGCO’s order books remain “realtively health.” She continued, “Management noted that it is ‘aggressively’ managing dealer inventory to align with softening retail demand. By 4Q, it expects production levels to match retail demand across regions, as it continues to destock the dealer channel.”

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