AGCO, a worldwide manufacturer and distributor of agricultural equipment and solutions, reported net sales of approximately $2.0 billion for the first quarter of 2019, a decrease of approximately 0.6% compared to the first quarter of 2018. Reported net income was $0.84 per share for the first quarter of 2019, and adjusted net income, excluding restructuring expenses, was $0.86 per share. These results compare to a reported net income of $0.30 per share and adjusted net income, excluding restructuring expenses, of $0.35 per share for the first quarter of 2018. Excluding unfavorable currency translation impacts of approximately 7.1%, net sales in the first quarter of 2019 increased approximately 6.5% compared to the first quarter of 2018.
First Quarter Highlights
- Reported regional sales results(1): North America (1.3)%, Europe/Middle East (“EME”) +4.0%, South America (14.3)%, Asia/Pacific/Africa (“APA”) (16.3)%
- Constant currency regional sales results(1)(2): North America (0.6)%, EME +13.2%, South America (2.6%), APA (9.6)%
- Operating margin improvement of 190 basis points vs. first quarter of 2018
- Regional operating margin performance: North America 6.2%, EME 10.5%, South America (5.4)%, APA 2.6%
- Share repurchase program reduced outstanding shares by approximately 0.4 million during the first three months of 2019
- Increased full-year outlook for net income per share
(1)As compared to first quarter 2018
(2)Excludes currency translation impact. See reconciliation in appendix.
Source : Agco News Releases