AGCO - AGCO Corporation (AGCO) Q4 2023 Earnings Call Transcript
2024-02-06 14:55:20 ET
AGCO Corporation (AGCO)
Q4 2023 Earnings Conference Call
February 6, 2024 10:00 ET
Company Participants
Greg Peterson - Head of Investor Relations
Eric Hansotia - Chairman, President & Chief Executive Officer
Damon Audia - Senior Vice President & Chief Financial Officer
Conference Call Participants
Larry De Maria - William Blair
Kristen Owen - Oppenheimer
Timothy Thein - Citigroup
Tami Zakaria - JPMorgan
Seth Weber - Wells Fargo Securities
Presentation
Operator
Good morning and welcome to the AGCO's Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
And now I would like to turn the conference over to Greg Peterson, Head of Investor Relations. Please, Greg, go ahead.
Greg Peterson
Thanks and good morning. Welcome to those of you joining us for AGCO's fourth quarter 2023 earnings call. We will refer to a slide presentation this morning that's posted on our website at www.agcocorp.com. The non-GAAP measures used in the slide presentation are reconciled to GAAP metrics in the appendix of that presentation.
We'll also make forward-looking statements this morning, including statements about our strategic plans and initiatives as well as our financial impacts. We'll discuss demand, product development and capital expenditure plans and timing of those plans and our expectations with respect to the costs and benefits of those plans and timing of those benefits. We'll also discuss future revenue, crop production and farm income, production levels, price levels, margins, earnings, cash flow and other financial metrics. All of these are subject to risks that could cause actual results to differ materially from those suggested by the statements. These risks include but are not limited to, adverse developments in the agricultural industry, supply chain disruption, inflation, weather, commodity prices, changes in product demand, interruptions in supply of parts and products, the possible failure to develop new and improved products on time, including premium technology and smart farming solutions within budget and with the expected performance and price benefits, difficulties in integrating the Trimble Ag business in a manner that produces the expected financial results, reactions by customers and competitors to the transaction, including the rate at which Trimble Ag's largest OEM customer reduces purchases of Trimble Ag equipment and the rate of replacement by the joint venture of those sales, introduction of new or improved products by our competitors and reductions in pricing by them, the war in the Ukraine, difficulties in integrating acquired businesses and in completing expansion and modernization plans on time and in a manner that produces the expected financial results and adverse changes in the financial and foreign exchange markets. Actual results could differ materially from those suggested in these statements. Further information concerning these and other risks is included in AGCO's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2022 and subsequent Form 10-Q filings. AGCO disclaims any obligation to update any forward-looking statements, except as required by law.
We will make a replay of this call available on our corporate website later today. On the call with me this morning is Eric Hansotia, our Chairman, President and Chief Executive Officer; and Damon Audia, our Senior Vice President and Chief Financial Officer.
With that, Eric, please go ahead.
Eric Hansotia
Thanks, Greg and good morning. I'd like to start by taking a moment to thank the AGCO team around the world for their tremendous work in 2023. AGCO's record results are an outcome of the team's laser focus on executing our Farmer-First strategy, where we aim to provide the farmer an exceptional customer experience....
AGCO Corporation (AGCO) Q4 2023 Earnings Call Transcript