AGCO - AGCO Non-GAAP EPS of $3.51 beats by $0.80 revenue of $3.3B beats by $150M
2023-05-02 07:17:58 ET
- AGCO press release ( NYSE: AGCO ): Q1 Non-GAAP EPS of $3.51 beats by $0.80 .
- Revenue of $3.3B (+24% Y/Y) beats by $150M .
- 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.
- Announced $5.00 per share special variable dividend and raised quarterly dividend 21%
- Reported regional sales results: Europe/Middle East (“EME”) +21.4%, North America +31.7%, South America +41.4%, Asia/Pacific/Africa (“APA”) (9.9)%
- Constant currency regional sales results: EME +30.3%, North America +32.4%, South America +42.2%, APA (3.6)%
- Regional operating margin performance: EME 14.1%, North America 11.1%, South America 19.8%, APA 8.9%
- AGCO’s net sales for 2023 are expected to be approximately $14.5 billion vs. $14.06B consensus, reflecting improved sales volumes and pricing. Gross and operating margins are projected to improve from 2022 levels, reflecting the impact of higher sales and production volumes as well as pricing. These improvements are expected to fund increases in engineering and other technology investments to support AGCO’s precision agriculture and digital initiatives. Based on these assumptions, 2023 earnings per share are targeted at approximately $14.40 vs. $13.61 consensus
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AGCO Non-GAAP EPS of $3.51 beats by $0.80, revenue of $3.3B beats by $150M