AGCO Q1 SALES DOWN SLIGHTLY

AGCO have 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.

The company says that excluding unfavourable 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.

Reported regional sales results, as compared to first quarter 2018, saw North American sales down 1.3%; Europe/Middle East region up 4%; South America down 14.3%; and Asia/Pacific region down 16.3%. 

In an official statement, Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer, said, "Focused operational performance across our regional business units and supportive market conditions are driving sales and earnings growth.

“AGCO’s first quarter results demonstrated solid progress towards our margin improvement goals for 2019. Led by our Europe/Middle East region, AGCO’s first quarter 2019 adjusted operating margins improved over 190 basis points compared to the first quarter of 2018. Our margin expansion resulted from organic sales growth, an improved pricing environment and initiatives aimed at lowering material costs and improving productivity.

"We have raised our outlook for the full year to reflect our confidence in our continued strong performance and in the market recovery.”