AGCO posts lower profit as falling crop prices hit farmers

Reuters - Agco Corp posted a lower quarterly profit on Tuesday as growers around the globe, faced with falling prices for farm commodities, purchased fewer tractors and harvesters.

The company, which makes equipment sold under the Challenger, Fendt, Massey Ferguson and Valtra brand names, reported a third-quarter net profit of $65.0 million, or 69 cents a share, down from $125.2 million, or $1.27 a share, during the comparable quarter last year.

Revenue fell 13 percent to $2.2 billion.

Analysts, on average, expected the Duluth, Georgia-based company to post a profit of 62 cents a share, according to Thomson Reuters I/B/E/S. (Reporting by James B. Kelleher in Chicago; Editing by Bernadette Baum)

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