AGCO Corp. (AGCO) Tops Q2 EPS by $1.03

AGCO Corp. (NYSE: AGCO) reported Q2 EPS of $1.11, $1.03 better than the analyst estimate of $0.08. Revenue for the quarter came in at $2 billion versus the consensus estimate of $1.8 billion.

GUIDANCE:

AGCO Corp. sees FY2020 EPS of $3.50-$3.75, versus the consensus of $2.44. AGCO Corp. sees FY2020 revenue of $8.3-8.4 billion, versus the consensus of $8.04 billion.

• Net sales in 2020 are expected to be approximately $8.3 to $8.4 billion reflecting lower end-market demand and the unfavorable impact of currency translation. Adjusted operating margins are expected to be below 2019 levels with the impact of lower sales and production volumes partially offset by the benefits of pricing and expense reductions. Based on these assumptions, 2020 adjusted net income per share, excluding the impact of restructuring expenses and the goodwill impairment charge, is targeted in the range of $3.50 to $3.75. This outlook does not contemplate any further sales or production disruptions caused by the COVID-19 pandemic.

For earnings history and earnings-related data on AGCO Corp. (AGCO) click here.

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