Agco: 2Q Earnings Snapshot
DULUTH, Ga. (AP) _ Agco Corp. (AGCO) on Tuesday reported second-quarter profit of $91.4 million.
The Duluth, Georgia-based company said it had profit of $1.14 per share. Earnings, adjusted to extinguish debt and for restructuring costs, were $1.32 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.
The farm equipment maker posted revenue of $2.54 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $2.43 billion.
Agco expects full-year earnings to be $3.70 per share, with revenue expected to be $9.3 billion.
Agco shares have dropped 16 percent since the beginning of the year. The stock has fallen 16 percent in the last 12 months.