AGCO reported May 2 that for the first quarter ended March 31, 2023, net sales were approximately $3.3 billion, an increase of approximately 24.1% compared to the first quarter of 2022. Excluding unfavorable foreign currency translation of approximately 5.4%, net sales in the quarter increased approximately 29.6% compared to the first quarter of 2022.
“With continued execution of our strategy, AGCO delivered robust sales growth and margin expansion in the first quarter as healthy farm economics continued to support elevated global demand,” stated Eric Hansotia, AGCO’s chairman, president and chief executive officer. “Our solid operational performance, continued pricing actions and a stabilizing supply chain all contributed to the excellent first quarter results. The success of our farmer-first strategy, focused on growing our precision ag business, globalizing a full-line of our Fendt branded products and expanding our parts and service business, is generating strong growth in these margin-rich businesses. AGCO’s order board remains extended, increasing our confidence in the success of our products and the strength of large ag demand.”
Click here to see more...