AGCO, Your Agriculture Company, a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, reported its results for the first quarter ended March 31, 2023. Net sales for the first quarter were approximately $3.3 billion, an increase of approximately 24.1% compared to the first quarter of 2022. 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. Reported net income was $3.10 per share for the first quarter of 2023, and adjusted net income⁽¹⁾, which excludes restructuring expenses and a Brazilian income tax amnesty program payment, was $3.51 per share. These results compare to reported net income of $2.03 per share and adjusted net income⁽¹⁾, which excludes impairment charges, restructuring expenses and other related items, of $2.39 per share for the first quarter of 2022.

“With continued execution of our strategy, AGCO delivered robust sales growth and margin expansion in the first quarter as healthy farm economics continued to support elevated global demand,” stated Eric Hansotia, AGCO’s Chairman, President and Chief Executive Officer. “Our solid operational performance, continued pricing actions and a stabilizing supply chain all contributed to the excellent first quarter results. The success of our farmer-first strategy, focused on growing our precision ag business, globalizing a full-line of our Fendt branded products and expanding our parts and service business, is generating strong growth in these margin-rich businesses. AGCO’s order board remains extended, increasing our confidence in the success of our products and the strength of large ag demand.”

“In addition, AGCO recently published its 2022 Sustainability Report which highlights the significant progress we’ve made on environmental, social and governance issues as we strive to deliver farmer-focused solutions to sustainably feed our world,” continued Mr. Hansotia. “We are delivering on sustainability commitments, from industry-leading innovation to improve sustainability outcomes for farmers, to decarbonizing our products and operations, to offering our talented, diverse employees a safer, more engaging workplace. I am proud of the progress we’re making, which includes achieving our Scope 1 and 2 targets three years ahead of schedule by reducing the emissions intensity of our manufacturing operations.”