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AGCO 2Q 2022 Net Sales Increase 2.3% Year-Over-Year

AGCO, Your Agriculture Company, a worldwide manufacturer and distributor of agricultural equipment and solutions, reported its results for the second quarter ended June 30, 2022. Net sales for the second quarter were approximately $2.9 billion, an increase of approximately 2.3% compared to the second quarter of 2021. Excluding unfavorable currency translation impacts of approximately 7.5%, net sales in the second quarter of 2022 increased approximately 9.8% compared to the second quarter of 2021. Reported net income was $2.37 per share for the second quarter of 2022, and adjusted net income, which excludes restructuring expenses, was $2.38 per share. These results compare to reported net income of $3.73 per share and adjusted net income, which excludes restructuring expenses and the reversal of a valuation allowance previously established against the Company's deferred tax assets in the United States, of $2.88 per share for the second quarter of 2021. 

Net sales for the first six months of 2022 were approximately $5.6 billion, an increase of approximately 7.1% compared to the same period in 2021. Excluding unfavorable currency translation impacts of approximately 6.4%, net sales for the first six months of 2022 increased approximately 13.5% compared to the same period in 2021. For the first six months of 2022, reported net income was $4.40 per share, and adjusted net income, excluding impairment changes, restructuring expenses and other related items, was $4.77 per share. These results compare to reported net income of $5.71 per share, and adjusted net income, excluding restructuring expenses and the aforementioned reversal of a valuation allowance of $4.89 per share, for the first six months of 2021. 

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