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(1) was $2.32 per share. These results compare to reported net income of $3.10 per share and adjusted net income(1) 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.
“AGCO demonstrated strong execution of its Farmer First-strategy in the first quarter,” said Eric Hansotia, AGCO’s CEO. “Our results reflect the declining global demand for the agricultural equipment industry, and as anticipated, correspondingly significant production cuts that still led to solid results. The reductions were aimed at helping reduce dealer inventories. While cost and working capital management remain a priority to mitigate market pressures, we continue to reward shareholders through dividends and investing in our three margin-rich initiatives: growing our precision ag business, globalising a full-line of our Fendt branded products and expanding our parts and service business.”
