DULUTH, Ga.--(BUSINESS WIRE)--Oct. 7, 2014--
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and
distributor of agricultural equipment, announced today that it has
updated its outlook for net income per share for the third quarter and
full year of 2014. The Company now expects third quarter net income per
share to be in a range from $0.60 to $0.65 including a benefit of
approximately $0.15 per share for the reversal of previously recorded
long-term stock compensation expense. Full year 2014 net income per
share is now expected to range from $4.10 to $4.30. The revised
estimates exclude restructuring and other infrequent expenses which may
be incurred.
AGCO’s results are expected to be negatively impacted by lower sales
levels across all regions, lower production and foreign currency
translation. “During the third quarter, we experienced weaker than
anticipated levels of demand and are responding by making more
aggressive cuts in production schedules and expenses,” stated Martin
Richenhagen, AGCO’s Chairman, President and Chief Executive Officer.
The Company will report third quarter 2014 earnings on October 28, 2014.
Safe Harbor Statement
This press release contains forward-looking statements regarding foreign
currency translation, production, sales and earnings per share. Actual
results may differ materially from those suggested by these
forward-looking statements for a number of reasons including the
development of demand for our products and the general demand for farm
equipment, and competitive response by other manufacturers of farm
equipment. For additional information regarding factors that could
impact results, please see our Form 10-K for the year ended December 31,
2013, as filed with the Securities and Exchange Commission. AGCO
disclaims any obligation to update any forward-looking statements except
as required by law.
About AGCO
AGCO, Your Agriculture Company, (NYSE: AGCO), is a global leader focused
on the design, manufacture and distribution of agricultural machinery.
AGCO supports more productive farming through a full line of tractors,
combines, hay tools, sprayers, forage equipment, tillage, implements,
grain storage and protein production systems, as well as related
replacement parts. AGCO products are sold through five core machinery
brands, Challenger®, Fendt®, Massey Ferguson®, Valtra® and GSI®, and are
distributed globally through 3,100 independent dealers and distributors
in more than 140 countries worldwide. Retail financing is available
through AGCO Finance for qualified purchasers. Founded in 1990, AGCO is
headquartered in Duluth, Georgia, USA. In 2013, AGCO had net sales of
$10.8 billion. For more information, see http://www.agcocorp.com.
Please visit our website at www.agcocorp.com
Source: AGCO
AGCO
Greg Peterson, 770-232-8229
Director of Investor Relations
greg.peterson@agcocorp.com