AGCO - Free Post Earnings Research Report: AGCO Corp.'s Quarterly Revenues Advanced 23.34%
Stock Monitor: Alamo Group Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 30, 2018 / If you want access to our free earnings report on AGCO Corp. (NYSE: AGCO) ("AGCO"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AGCO. On May 01, 2018, AGCO reported financial results for the first quarter of 2018 ending March 31, 2018. The Company surpassed analysts' estimates for earnings as well as revenue in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
AGCO's total revenues for Q1 FY18 reached $2.01 billion, reflecting an increase of 23.34% from $1.63 billion in Q1 FY17 led by increasing industry demand. The reported revenue number exceeded analysts' consensus estimate of $1.85 billion. Excluding favorable currency translation impacts of approximately 9.4%, AGCO's net sales increased approximately 14.0% in Q1 FY18 from Q1 FY17.
During Q1 FY18, AGCO's cost of goods sold was $1.58 billion, 21.75% higher than $1.30 billion in Q1 FY17. The Company's gross profit advanced 29.58% to $428 million in the reported quarter from $330.30 million in the previous year's same quarter.
AGCO incurred selling, general, and administrative expenses of $264.60 million in Q1 FY18, an increase of 18.81% from $222.70 million in Q1 FY17. The Company's engineering expenses also rose 24.35% to $90.90 million in the quarter under review from $73.10 million in the prior year's same quarter. AGCO had an income from operations of $50.50 million in Q1 FY18, up 221.66% from $15.70 million in Q1 FY17.
Net income attributable to AGCO and subsidiaries for the quarter ending March 31, 2018, was $24.30 million compared to net loss attributable to AGCO and subsidiaries of $10.10 million in the same period last year. The Company had a diluted income per share of $0.30 in Q1 FY18 compared to a diluted loss per share of $0.13 in Q1 FY17. The reported earnings for Q1 FY18 included restructuring expenses, while the reported earnings for Q1 FY17 had included restructuring expenses and a non-cash expense related to waived stock compensation. AGCO's adjusted diluted earnings per share (DEPS), excluding these non-recurring items, was $0.35 in the quarter under review compared to a diluted loss per share of $0.02 in Q1 FY17. This was significantly higher than analysts' consensus estimates of $0.11 per share.
AGCO's Segment Details
During Q1 FY18, the North America segment's net sales were $502.90 million, up 31.44% on a y-o-y basis. This segment had income from operations of $26.80 million in Q1 FY18 compared to $3 million in Q1 FY17, reflecting an increase of 793.33%.
The South America segment reported revenues of $182.10 million in Q1 FY18, down 18.05% from prior year's corresponding quarter. This segment had loss from operations of $16.60 million in the quarter under review compared to income from operations of $2.40 million in the previous year's same quarter.
For Q1 FY18, the Europe/Middle-East segment reported sales of $1.16 billion, 30.39% higher than the $892.50 million reported in Q1 FY17. The segment had income from operations ascended 55.91% to $99 million in the reported quarter from $63.50 million in the previous year's comparable quarter.
During Q1 FY18, the Asia/ Pacific/Africa segment's net sales were $158.80 million, up 21.87% on a y-o-y basis. This segment had income from operations of $4.70 million in Q1 FY18, an increase of 123.81% from $2.10 million in Q1 FY17.
Cash Matters
AGCO had cash and cash equivalents of $348.20 million as on March 31, 2018, a decrease of 5.30% from $367.70 million as on December 31, 2017. The Company had a long-term debt (less current portion and debt-issuance costs) of $1.99 billion as on December 31, 2017, 22.92% higher than $1.62 billion as on December 31, 2017.
AGCO's net cash used in operating activities was $361.30 million for the three months ending March 31, 2018, compared to $251.40 million for the same period last year. The Company spent $46.10 million on purchases of property, plant, and equipment in Q1 FY18, 19.26% lower than $57.10 million in Q1 FY17.
AGCO paid $11.90 million in dividends in Q1 FY18, up 7.21% from $11.10 million in Q1 FY17. It must be noted that the Company's quarterly dividend increased 7% to $0.15 on a y-o-y basis, effective from Q1 FY18. The Company spent $7.10 million on purchases and retirement of common stock in the reported quarter.
Outlook
For full year 2018, AGCO's net sales are expected to reach $9.30 billion driven by improved sales volumes, positive pricing as well as acquisition and foreign exchange impacts. The Company expects FY18 earnings per share to be approximately $3.65 on a reported basis, or approximately $3.70 on an adjusted basis, excluding restructuring expenses.
Stock Performance Snapshot
May 29, 2018 - At Tuesday's closing bell, AGCO's stock fell 2.96%, ending the trading session at $65.46.
Volume traded for the day: 915.99 thousand shares, which was above the 3-month average volume of 705.51 thousand shares.
Stock performance in the last month — up 3.20%; and past twelve-month period — up 2.35%
After yesterday's close, AGCO's market cap was at $5.17 billion.
Price to Earnings (P/E) ratio was at 20.00.
The stock has a dividend yield of 0.92%.
The stock is part of the Industrial Goods sector, categorized under the Farm & Construction Machinery industry.
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