2023-10-31 07:32:58 ET
- AGCO press release ( NYSE: AGCO ): Q3 Non-GAAP EPS of $3.97 beats by $0.58 .
- Revenue of $3.5B (+12.2% Y/Y) beats by $10M .
- Outlook:
- Raises full-year operating margin and earnings per share outlook:
- AGCO’s net sales for 2023 are expected to be approximately $14.7 billion vs. the consensus of $14.67B, 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 and a favorable sales mix. 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 reported earnings per share are targeted at approximately $15.08 and adjusted earnings per share at approximately $15.75 vs. the consensus of $15.33.
For further details see:
AGCO beats Q3 top and bottom line estimates; raises FY23 outlook