AGCO reported second-quarter revenue of $2.61 billion, missing analyst estimates of $2.74 billion, and cut its full-year revenue guidance to $10.15 billion from $10.6 billion. GAAP earnings per share came in at $1.08, well below the $1.44 consensus. The agricultural machinery maker cited subdued demand in Europe and Latin America, elevated input costs for farmers, and cautious dealer inventory management. CEO Eric Hansotia noted that farmers are increasingly cautious, while CFO Damon Audia said the company will continue aligning output with retail demand. AGCO highlighted North American market share gains in high-horsepower tractors and hay tools, and a 35% year-over-year increase in adoption of its SymphonyVision precision agriculture system.
AGCO CorporationWeak farm demand in Europe and Latin America led to missed Q2 estimates and lowered full-year guidance.