Tuesday morning, AGCO announced adjusted third-quarter earnings per share of $3.97 on sales of $3.5 billion. Wall Street had expected earnings per share of $3.31 on sales of $3.5 billion, according to FactSet.
The company boosted 2023 earnings-per-share guidance by about 50 cents to roughly $15.75, above the $15.30 Wall Street is modeling about $15.30. Baird analyst Mig Dobre called the quarter a “clean beat” in a Tuesday report. Crop prices are falling. That pressures farmer incomes and farm income partly determines how many things they buy, and the prices they can pay.
“Increased crop production in the Northern Hemisphere and strong yields in Brazil are driving higher grain inventories and weighing on commodity prices,” added Hansotia in the release. “While still at supportive levels, the lower commodity prices and a fleet age that is now trending younger are causing farmers to become more selective about their equipment and technology investments.”
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