AGCO, Your Agriculture Company (NYSE: AGCO), a worldwide manufacturer and distributor of agricultural equipment and solutions, reported its results for the second quarter ended June 30, 2022. Net sales for the second quarter were approximately $2.9 billion, an increase of approximately 2.3% compared to the second quarter of 2021. Excluding unfavorable currency translation impacts of approximately 7.5%, net sales in the second quarter of 2022 increased approximately 9.8% compared to the second quarter of 2021. Reported net income was $2.37 per share for the second quarter of 2022, and adjusted net income(3), which excludes restructuring expenses, was $2.38 per share. These results compare to reported net income of $3.73 per share and adjusted net income, which excludes restructuring expenses and the reversal of a valuation allowance previously established against the Company’s deferred tax assets in the United States, of $2.88 per share for the second quarter of 2021.

Net sales for the first six months of 2022 were approximately $5.6 billion, an increase of approximately 7.1% compared to the same period in 2021. Excluding unfavorable currency translation impacts of approximately 6.4%, net sales for the first six months of 2022 increased approximately 13.5% compared to the same period in 2021. For the first six months of 2022, reported net income was $4.40 per share, and adjusted net income(3), excluding impairment charges, restructuring expenses and other related items, was $4.77 per share. These results compare to reported net income of $5.71 per share, and adjusted net income, excluding restructuring expenses and the aforementioned reversal of a valuation allowance of $4.89 per share, for the first six months of 2021.

Second Quarter Highlights

Reported regional sales results(1): Europe/Middle East ("EME") (10.3)%, North America +0.7%, South America +86.6%, Asia/Pacific/Africa ("APA") (5.5)%

Constant currency regional sales results(1)(2)(3): EME +3.2%, North America +1.4%, South America +77.2%, APA +1.7%

Regional operating margin performance: EME 11.0%, North America 6.9%, South America 16.5%, APA 14.1%

Fully operational within approximately two weeks of May 2022 cyberattack

Q2 production, sales and net income were negatively impacted

Paid a variable special dividend of $4.50 per share as compared to $4.00 in 2021

Maintained full-year outlook for adjusted earnings per share