AGCO Corp. (NYSE: AGCO) reported Q2 EPS of $1.25, $0.25 better than the analyst estimate of $1.00. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.07 billion.

AGCO Corp. sees FY2015 EPS of $3.10, versus prior guidance of $3.00 and the consensus of $2.89.

“Our second quarter results reflect the significant challenges caused by weaker global industry demand and currency headwinds,” stated Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer. “AGCO’s performance demonstrates our ability to deliver solid results in a weaker industry environment. The quarter was highlighted by the successful reduction of our expenses and Company inventories. By reducing production hours approximately 22% compared to the second quarter of 2014, our June 2015 inventory levels were substantially lower than our position at June 2014. In addition, our expense reduction actions have been largely completed resulting in lower factory overheads and selling, general and administrative expenses compared to a year ago. Improving our products and service levels for our customers remains a top priority. These improvements and a successful release of many new products with advanced technologies have been well received by our customers, making AGCO very competitive in the market.”

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