Third Quarter Net Income of $65.0 million on Sales of $2.2 Billion
DULUTH, Ga.--(BUSINESS WIRE)--Oct. 28, 2014--
AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and
distributor of agricultural equipment, reported net sales of
approximately $2.2 billion for the third quarter of 2014, a decrease of
approximately 13.0% compared to net sales of approximately $2.5 billion
for the third quarter of 2013. Reported net income was $0.69 per share
and adjusted net income, excluding restructuring and other infrequent
expenses, was $0.71 per share for the third quarter of 2014. These
results compare to reported and adjusted net income per share of $1.27
for the third quarter of 2013. Excluding unfavorable currency
translation impacts of approximately 0.7%, net sales in the third
quarter of 2014 decreased approximately 12.3% compared to the third
quarter of 2013.
Net sales for the first nine months of 2014 were approximately $7.2
billion, a decrease of approximately 8.7% compared to the same period in
2013. Excluding the unfavorable impact of currency translation of
approximately 0.7%, net sales for the first nine months of 2014
decreased approximately 8.0% compared to the same period in 2013. For
the first nine months of 2014, reported net income was $3.50 per share
and adjusted net income, excluding restructuring and other infrequent
expenses, was $3.52 per share. These results compare to reported and
adjusted net income of $4.61 per share for the first nine months of 2013.
Third Quarter Highlights
-
Regional sales results(1): North America
-22.2%, Europe/Africa/ Middle East (“EAME”) -5.4%, South America
-18.4%, Asia/Pacific (“APAC”) +8.8%
-
Regional operating margin performance: EAME 5.6%, North America 7.0%,
South America 8.0%, APAC -0.7%
-
Full year earnings per share guidance remains at $4.10 to $4.30
-
Share repurchase program reduced outstanding shares by 6.4 million
during the first nine months of 2014
(1)Excludes currency translation impact. See
reconciliation of Non-GAAP measures in appendix.
“Our third quarter results were impacted by weaker markets and
significant production cuts aimed at controlling our Company and dealer
inventories,” stated Martin Richenhagen, AGCO’s Chairman, President and
Chief Executive Officer. “Declines in commodity prices and expectations
of lower farm income in 2014 have negatively impacted our business.
While we continue to perform well in the market, we are facing softening
industry demand in Western Europe and North America and continued
weakness in South America. We are taking aggressive actions to control
expenses, reduce our production levels and lower our investments in
working capital in response to lower market demand. We are balancing
near-term cost reductions with continued investment in longer-term
growth initiatives.”
Market Update
Industry Unit Retail Sales
|
|
Tractors
|
|
Combines
|
|
|
Change from
|
|
Change from
|
Nine months ended September 30, 2014
|
|
Prior Year Period
|
|
Prior Year Period
|
North America(1) |
|
Flat
|
|
(18)%
|
South America
|
|
(16)%
|
|
(23)%
|
Western Europe
|
|
(7)%
|
|
(10)%
|
|
|
|
|
|
(1) Excludes compact tractors.
|
“The record harvest unfolding in the U.S. combined with the healthy crop
production across Western Europe and Brazil are resulting in increased
estimates for post-harvest grain inventories, which continue to pressure
soft commodity prices. Farmer sentiment is being negatively impacted by
the outlook for deteriorating farm economics, and we are experiencing
softer industry equipment demand in all major markets. Industry demand
in North America has weakened with significant declines in sales of
high-horsepower tractors, combines and sprayers, partially offset by
growth in the lower-horsepower categories due to improved conditions in
the region’s dairy and livestock sectors. Retail sales of farm equipment
have declined across Western Europe. Industry sales have weakened in the
largest markets of France and Germany, with modest recovery experienced
in the United Kingdom and parts of Southern Europe. In Brazil, industry
sales are lower and have been negatively impacted by weak demand from
sugar producers, lower commodity prices and delays in the government
financing program earlier in the year. Longer term, we expect grain
demand to be supported by the growing population, increasing emerging
market protein consumption and biofuel production. Increased demand for
grain and attractive levels of farm income are expected to result in
healthy long-term prospects for our industry.”
Regional Results
AGCO Regional Net Sales (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
% change from
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 due to
|
|
|
|
|
|
|
|
|
|
% change
|
|
|
currency
|
Three Months Ended September 30,
|
|
|
2014
|
|
|
2013
|
|
|
from 2013
|
|
|
translation(1)
|
North America
|
|
|
$
|
531.3
|
|
|
|
$
|
686.6
|
|
|
|
(22.6)%
|
|
|
(0.4)%
|
South America
|
|
|
455.0
|
|
|
|
572.3
|
|
|
|
(20.5)%
|
|
|
(2.1)%
|
Europe/Africa/Middle East
|
|
|
1,026.0
|
|
|
|
1,086.4
|
|
|
|
(5.6)%
|
|
|
(0.2)%
|
Asia/Pacific
|
|
|
142.5
|
|
|
|
130.6
|
|
|
|
9.1%
|
|
|
0.3%
|
Total
|
|
|
$
|
2,154.8
|
|
|
|
$
|
2,475.9
|
|
|
|
(13.0)%
|
|
|
(0.7)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 due to
|
|
|
|
|
|
|
|
|
|
|
|
% change
|
|
|
currency
|
Nine Months Ended September 30,
|
|
|
2014
|
|
|
|
2013
|
|
|
|
from 2013
|
|
|
translation(1)
|
North America
|
|
|
$
|
1,865.0
|
|
|
|
$
|
2,099.7
|
|
|
|
(11.2)%
|
|
|
(0.9)%
|
South America
|
|
|
1,248.8
|
|
|
|
1,578.0
|
|
|
|
(20.9)%
|
|
|
(7.8)%
|
Europe/Africa/Middle East
|
|
|
3,783.8
|
|
|
|
3,878.6
|
|
|
|
(2.4)%
|
|
|
2.3%
|
Asia/Pacific
|
|
|
340.9
|
|
|
|
370.9
|
|
|
|
(8.1)%
|
|
|
(1.5)%
|
Total
|
|
|
$
|
7,238.5
|
|
|
|
$
|
7,927.2
|
|
|
|
(8.7)%
|
|
|
(0.7)%
|
|
(1) See Footnotes for additional disclosures
|
North America
Net sales, excluding unfavorable currency translation impacts, decreased
10.3% in AGCO’s North American region in the first nine months of 2014
compared to the same period in 2013 due to softer market conditions. The
most significant decreases were in high-horsepower tractors and
implements, with growth in small tractor sales partially offsetting the
declines. Lower sales, a weaker sales mix and lower production volumes
contributed to a decline in income from operations of $83.5 million for
the first nine months of 2014 compared to the same period in 2013.
South America
Excluding the negative impact of currency translation, net sales in the
South American region declined 13.1% in the first nine months of 2014
compared to the same period in 2013. Weaker market demand and lower
sales in Brazil and Argentina produced most of the decrease. Income from
operations decreased $85.7 million for the first nine months of 2014
compared to the same period in 2013 due to lower sales and production
volumes, as well as a weaker mix of sales.
EAME
AGCO’s EAME net sales decreased 4.7% in the first nine months of 2014
compared to the first nine months of 2013, excluding the impact of
favorable currency translation due to weaker end market demand. Sales
declines in France, Germany and Eastern Europe were partially offset by
growth in Africa and Turkey. EAME operating income decreased $37.0
million in the first nine months of 2014 compared to the same period in
2013. The negative impact of lower production levels and a weaker sales
mix were partially offset by cost reduction initiatives.
Asia/Pacific
Asia/Pacific net sales decreased 6.6% in the first nine months of 2014
compared to the first nine months of 2013, excluding the negative impact
of currency translation. Income from operations in the Asia/Pacific
region declined $7.7 million in the first nine months of 2014, compared
to the same period in 2013, due to lower sales and increased market
development costs in China.
Outlook
Global industry demand is softening compared to 2013 and declines are
anticipated across all major global agricultural markets, particularly
in the row crop segment. AGCO is targeting earnings per share of
approximately $4.10 to $4.30 for the full year of 2014. Net sales are
expected to range from $9.5 billion to $9.7 billion. The negative
impacts of lower sales and production volumes on gross margins are
expected to be partially offset by cost reduction initiatives.
“The priority for the remainder of the year continues to be lowering our
dealer and company inventories in order to better align us with current
market demand,” continued Mr. Richenhagen. “Despite the softer market
conditions we face today, the healthy, long-term fundamentals of our
industry remain intact. We will continue to invest in new product
development, distribution enhancements and productivity improvements to
enable our growth and improve our profitability.”
* * * * *
AGCO will be hosting a conference call with respect to this earnings
announcement at 10:00 a.m. Eastern Time on Tuesday, October 28, 2014.
The Company will refer to slides on its conference call. Interested
persons can access the conference call and slide presentation via AGCO’s
website at www.agcocorp.com
in the “Events” section on the “Company/Investors” page of our website.
A replay of the conference call will be available approximately two
hours after the conclusion of the conference call for twelve months
following the call. A copy of this press release will be available on
AGCO’s website for at least twelve months following the call.
* * * * *
Safe Harbor Statement
Statements that are not historical facts, including the projections of
earnings per share, sales, industry demand, market conditions,
population growth, farm income levels, margin improvements, investments
in product development, operational and financial initiatives,
production volumes, gross margins, market development and performance,
and general economic conditions, are forward-looking and subject to
risks that could cause actual results to differ materially from those
suggested by the statements. The following are among the factors that
could cause actual results to differ materially from the results
discussed in or implied by the forward-looking statements.
-
Our financial results depend entirely upon the agricultural industry,
and factors that adversely affect the agricultural industry generally,
including declines in the general economy, increases in farm input
costs, lower commodity prices, lower farm income and changes in the
availability of credit for our retail customers, will adversely affect
us.
-
A majority of our sales and manufacturing take place outside the
United States, and, as a result, we are exposed to risks related to
foreign laws, taxes, economic conditions, labor supply and relations,
political conditions and governmental policies. These risks may delay
or reduce our realization of value from our international operations.
-
Most retail sales of the products that we manufacture are financed,
either by our joint ventures with Rabobank or by a bank or other
private lender. Our joint ventures with Rabobank, which are controlled
by Rabobank and are dependent upon Rabobank for financing as well,
finance approximately 50% of the retail sales of our tractors and
combines in the markets where the joint ventures operate. Any
difficulty by Rabobank to continue to provide that financing, or any
business decision by Rabobank as the controlling member not to fund
the business or particular aspects of it (for example, a particular
country or region), would require the joint ventures to find other
sources of financing (which may be difficult to obtain), or us to find
another source of retail financing for our customers, or our customers
would be required to utilize other retail financing providers. As a
result of the recent economic downturn, financing for capital
equipment purchases generally has become more difficult in certain
regions and in some cases, was expensive to obtain. To the extent that
financing is not available or available only at unattractive prices,
our sales would be negatively impacted.
-
Both AGCO and our retail finance joint ventures have substantial
account receivables from dealers and end customers, and we would be
adversely impacted if the collectability of these receivables was not
consistent with historical experience; this collectability is
dependent upon the financial strength of the farm industry, which in
turn is dependent upon the general economy and commodity prices, as
well as several of the other factors listed in this section.
-
We have experienced substantial and sustained volatility with respect
to currency exchange rate and interest rate changes, including
uncertainty associated with the Euro, which can adversely affect our
reported results of operations and the competitiveness of our products.
-
Our success depends on the introduction of new products, particularly
engines that comply with emission requirements, which requires
substantial expenditures.
-
Our production levels and capacity constraints at our facilities,
including those resulting from plant expansions and systems upgrades
at our manufacturing facilities, could adversely affect our results.
-
Our expansion plans in emerging markets, including establishing a
greater manufacturing and marketing presence and growing our use of
component suppliers, could entail significant risks.
-
We depend on suppliers for components, parts and raw materials for our
products, and any failure by our suppliers to provide products as
needed, or by us to promptly address supplier issues, will adversely
impact our ability to timely and efficiently manufacture and sell
products. We also are subject to raw material price fluctuations,
which can adversely affect our manufacturing costs.
-
We face significant competition, and if we are unable to compete
successfully against other agricultural equipment manufacturers, we
would lose customers and our net sales and profitability would decline.
-
We have a substantial amount of indebtedness, and, as result, we are
subject to certain restrictive covenants and payment obligations that
may adversely affect our ability to operate and expand our business.
Further information concerning these and other factors is included in
AGCO’s filings with the Securities and Exchange Commission, including
its Form 10-K for the year ended December 31, 2013 and subsequent Form
10-Qs. 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
|
AGCO CORPORATION AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(unaudited and in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
|
December 31, 2013
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
$
|
320.9
|
|
|
|
|
|
$
|
1,047.2
|
|
Accounts and notes receivable, net
|
|
|
|
|
|
1,083.6
|
|
|
|
|
|
940.6
|
|
Inventories, net
|
|
|
|
|
|
2,315.1
|
|
|
|
|
|
2,016.1
|
|
Deferred tax assets
|
|
|
|
|
|
225.7
|
|
|
|
|
|
241.2
|
|
Other current assets
|
|
|
|
|
|
260.1
|
|
|
|
|
|
272.0
|
|
Total current assets
|
|
|
|
|
|
4,205.4
|
|
|
|
|
|
4,517.1
|
|
Property, plant and equipment, net
|
|
|
|
|
|
1,525.3
|
|
|
|
|
|
1,602.3
|
|
Investment in affiliates
|
|
|
|
|
|
432.2
|
|
|
|
|
|
416.1
|
|
Deferred tax assets
|
|
|
|
|
|
22.0
|
|
|
|
|
|
24.4
|
|
Other assets
|
|
|
|
|
|
132.9
|
|
|
|
|
|
134.6
|
|
Intangible assets, net
|
|
|
|
|
|
569.6
|
|
|
|
|
|
565.6
|
|
Goodwill
|
|
|
|
|
|
1,226.5
|
|
|
|
|
|
1,178.7
|
|
Total assets
|
|
|
|
|
|
$
|
8,113.9
|
|
|
|
|
|
$
|
8,438.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
|
|
|
$
|
88.4
|
|
|
|
|
|
$
|
110.5
|
|
Convertible senior subordinated notes
|
|
|
|
|
|
—
|
|
|
|
|
|
201.2
|
|
Accounts payable
|
|
|
|
|
|
819.5
|
|
|
|
|
|
960.3
|
|
Accrued expenses
|
|
|
|
|
|
1,227.7
|
|
|
|
|
|
1,389.2
|
|
Other current liabilities
|
|
|
|
|
|
228.0
|
|
|
|
|
|
150.8
|
|
Total current liabilities
|
|
|
|
|
|
2,363.6
|
|
|
|
|
|
2,812.0
|
|
Long-term debt, less current portion
|
|
|
|
|
|
1,332.8
|
|
|
|
|
|
938.5
|
|
Pensions and postretirement health care benefits
|
|
|
|
|
|
215.5
|
|
|
|
|
|
246.4
|
|
Deferred tax liabilities
|
|
|
|
|
|
251.8
|
|
|
|
|
|
251.2
|
|
Other noncurrent liabilities
|
|
|
|
|
|
156.9
|
|
|
|
|
|
145.9
|
|
Total liabilities
|
|
|
|
|
|
4,320.6
|
|
|
|
|
|
4,394.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGCO Corporation stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
0.9
|
|
|
|
|
|
1.0
|
|
Additional paid-in capital
|
|
|
|
|
|
742.5
|
|
|
|
|
|
1,117.9
|
|
Retained earnings
|
|
|
|
|
|
3,703.9
|
|
|
|
|
|
3,402.0
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
(687.4
|
)
|
|
|
|
|
(510.7
|
)
|
Total AGCO Corporation stockholders’ equity
|
|
|
|
|
|
3,759.9
|
|
|
|
|
|
4,010.2
|
|
Noncontrolling interests
|
|
|
|
|
|
33.4
|
|
|
|
|
|
34.6
|
|
Total stockholders’ equity
|
|
|
|
|
|
3,793.3
|
|
|
|
|
|
4,044.8
|
|
Total liabilities and stockholders’ equity
|
|
|
|
|
|
$
|
8,113.9
|
|
|
|
|
|
$
|
8,438.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial
statements.
|
|
|
AGCO CORPORATION AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited and in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
2014
|
|
|
|
2013
|
Net sales
|
|
|
|
$
|
2,154.8
|
|
|
|
$
|
2,475.9
|
Cost of goods sold
|
|
|
|
1,732.9
|
|
|
|
1,919.7
|
Gross profit
|
|
|
|
421.9
|
|
|
|
556.2
|
Selling, general and administrative expenses
|
|
|
|
221.7
|
|
|
|
258.1
|
Engineering expenses
|
|
|
|
78.2
|
|
|
|
87.3
|
Restructuring and other infrequent expenses
|
|
|
|
2.9
|
|
|
|
—
|
Amortization of intangibles
|
|
|
|
10.4
|
|
|
|
11.8
|
Income from operations
|
|
|
|
108.7
|
|
|
|
199.0
|
Interest expense, net
|
|
|
|
13.9
|
|
|
|
14.1
|
Other expense, net
|
|
|
|
10.1
|
|
|
|
11.3
|
Income before income taxes and equity in net earnings of affiliates
|
|
|
|
84.7
|
|
|
|
173.6
|
Income tax provision
|
|
|
|
34.2
|
|
|
|
62.5
|
Income before equity in net earnings of affiliates
|
|
|
|
50.5
|
|
|
|
111.1
|
Equity in net earnings of affiliates
|
|
|
|
12.0
|
|
|
|
14.1
|
Net income
|
|
|
|
62.5
|
|
|
|
125.2
|
Net loss attributable to noncontrolling interests
|
|
|
|
2.5
|
|
|
|
1.0
|
Net income attributable to AGCO Corporation and subsidiaries
|
|
|
|
$
|
65.0
|
|
|
|
$
|
126.2
|
Net income per common share attributable to AGCO Corporation and
subsidiaries:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.70
|
|
|
|
$
|
1.30
|
Diluted
|
|
|
|
$
|
0.69
|
|
|
|
$
|
1.27
|
Cash dividends declared and paid per common share
|
|
|
|
$
|
0.11
|
|
|
|
$
|
0.10
|
Weighted average number of common and common equivalent shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
93.5
|
|
|
97.4
|
Diluted
|
|
|
|
93.8
|
|
|
99.5
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial
statements.
|
|
|
AGCO CORPORATION AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited and in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
Net sales
|
|
|
|
$
|
7,238.5
|
|
|
|
$
|
7,927.2
|
Cost of goods sold
|
|
|
|
5,670.2
|
|
|
|
6,127.6
|
Gross profit
|
|
|
|
1,568.3
|
|
|
|
1,799.6
|
Selling, general and administrative expenses
|
|
|
|
751.0
|
|
|
|
793.5
|
Engineering expenses
|
|
|
|
252.9
|
|
|
|
266.7
|
Restructuring and other infrequent expenses
|
|
|
|
2.9
|
|
|
|
—
|
Amortization of intangibles
|
|
|
|
30.4
|
|
|
|
35.9
|
Income from operations
|
|
|
|
531.1
|
|
|
|
703.5
|
Interest expense, net
|
|
|
|
43.5
|
|
|
|
40.2
|
Other expense, net
|
|
|
|
34.2
|
|
|
|
25.2
|
Income before income taxes and equity in net earnings of affiliates
|
|
|
|
453.4
|
|
|
|
638.1
|
Income tax provision
|
|
|
|
163.8
|
|
|
|
219.8
|
Income before equity in net earnings of affiliates
|
|
|
|
289.6
|
|
|
|
418.3
|
Equity in net earnings of affiliates
|
|
|
|
38.1
|
|
|
|
37.1
|
Net income
|
|
|
|
327.7
|
|
|
|
455.4
|
Net loss attributable to noncontrolling interests
|
|
|
|
5.1
|
|
|
|
2.5
|
Net income attributable to AGCO Corporation and subsidiaries
|
|
|
|
$
|
332.8
|
|
|
|
$
|
457.9
|
Net income per common share attributable to AGCO Corporation and
subsidiaries:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
3.53
|
|
|
|
$
|
4.71
|
Diluted
|
|
|
|
$
|
3.50
|
|
|
|
$
|
4.61
|
Cash dividends declared and paid per common share
|
|
|
|
$
|
0.33
|
|
|
|
$
|
0.30
|
Weighted average number of common and common equivalent shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
94.2
|
|
|
|
97.2
|
Diluted
|
|
|
|
95.2
|
|
|
|
99.3
|
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial
statements.
|
|
|
AGCO CORPORATION AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(unaudited and in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
327.7
|
|
|
|
$
|
455.4
|
|
Adjustments to reconcile net income to net cash (used in) provided
by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
180.4
|
|
|
|
153.8
|
|
Deferred debt issuance cost amortization
|
|
|
|
2.2
|
|
|
|
2.6
|
|
Amortization of intangibles
|
|
|
|
30.4
|
|
|
|
35.9
|
|
Amortization of debt discount
|
|
|
|
—
|
|
|
|
6.9
|
|
Stock compensation
|
|
|
|
(11.0
|
)
|
|
|
33.9
|
|
Equity in net earnings of affiliates, net of cash received
|
|
|
|
(28.6
|
)
|
|
|
(22.5
|
)
|
Deferred income tax provision
|
|
|
|
1.7
|
|
|
|
28.1
|
|
Other
|
|
|
|
2.3
|
|
|
|
0.2
|
|
Changes in operating assets and liabilities, net of effects from
purchase of businesses:
|
|
|
|
|
|
|
|
|
|
Accounts and notes receivable, net
|
|
|
|
(151.4
|
)
|
|
|
(245.5
|
)
|
Inventories, net
|
|
|
|
(422.7
|
)
|
|
|
(507.9
|
)
|
Other current and noncurrent assets
|
|
|
|
(0.8
|
)
|
|
|
(22.8
|
)
|
Accounts payable
|
|
|
|
(74.7
|
)
|
|
|
95.3
|
|
Accrued expenses
|
|
|
|
(96.9
|
)
|
|
|
98.0
|
|
Other current and noncurrent liabilities
|
|
|
|
26.1
|
|
|
|
57.6
|
|
Total adjustments
|
|
|
|
(543.0
|
)
|
|
|
(286.4
|
)
|
Net cash (used in) provided by operating activities
|
|
|
|
(215.3
|
)
|
|
|
169.0
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
|
(229.3
|
)
|
|
|
(263.8
|
)
|
Proceeds from sale of property, plant and equipment
|
|
|
|
2.2
|
|
|
|
2.9
|
|
Purchase of businesses, net of cash acquired
|
|
|
|
(130.4
|
)
|
|
|
(0.1
|
)
|
Sale of (investment in) unconsolidated affiliates, net
|
|
|
|
—
|
|
|
|
0.1
|
|
Net cash used in investing activities
|
|
|
|
(357.5
|
)
|
|
|
(260.9
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Purchases and retirement of common stock
|
|
|
|
(340.9
|
)
|
|
|
(1.0
|
)
|
Proceeds from debt obligations, net
|
|
|
|
450.6
|
|
|
|
4.1
|
|
Repurchase or conversion of convertible senior subordinated notes
|
|
|
|
(201.2
|
)
|
|
|
—
|
|
Payment of dividends to stockholders
|
|
|
|
(30.9
|
)
|
|
|
(29.1
|
)
|
Payment of minimum tax withholdings on stock compensation
|
|
|
|
(11.9
|
)
|
|
|
(16.3
|
)
|
Purchase of or distribution to noncontrolling interests
|
|
|
|
(6.1
|
)
|
|
|
(2.6
|
)
|
Payment of debt issuance costs
|
|
|
|
(1.3
|
)
|
|
|
—
|
|
Net cash used in financing activities
|
|
|
|
(141.7
|
)
|
|
|
(44.9
|
)
|
Effects of exchange rate changes on cash and cash equivalents
|
|
|
|
(11.8
|
)
|
|
|
(24.0
|
)
|
Decrease in cash and cash equivalents
|
|
|
|
(726.3
|
)
|
|
|
(160.8
|
)
|
Cash and cash equivalents, beginning of period
|
|
|
|
1,047.2
|
|
|
|
781.3
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
320.9
|
|
|
|
$
|
620.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to condensed consolidated financial
statements.
|
|
AGCO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions, except per share data)
1. STOCK COMPENSATION EXPENSE (CREDIT)
The Company recorded stock compensation expense (credit) as follows:
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
2013
|
Cost of goods sold
|
|
|
|
|
$
|
(1.8
|
)
|
|
|
|
|
$
|
0.4
|
|
|
|
|
|
$
|
(1.0
|
)
|
|
|
|
|
$
|
2.3
|
Selling, general and administrative expenses
|
|
|
|
|
(21.0
|
)
|
|
|
|
|
5.5
|
|
|
|
|
|
(9.8
|
)
|
|
|
|
|
31.9
|
Total stock compensation expense (credit)
|
|
|
|
|
$
|
(22.8
|
)
|
|
|
|
|
$
|
5.9
|
|
|
|
|
|
$
|
(10.8
|
)
|
|
|
|
|
$
|
34.2
|
During the three months ended September 30, 2014, the Company recorded a
credit of approximately $24.1 million for the reversal of previously
recorded long-term stock compensation expense.
2. INDEBTEDNESS
Indebtedness at September 30, 2014 and December 31, 2013 consisted of
the following:
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
December 31, 2013
|
1¼% Convertible senior subordinated notes due 2036
|
|
|
|
$
|
—
|
|
|
|
$
|
201.2
|
|
4½% Senior term loan due 2016
|
|
|
|
252.6
|
|
|
|
275.0
|
|
5⅞% Senior notes due 2021
|
|
|
|
300.0
|
|
|
|
300.0
|
|
Credit facility expires 2019
|
|
|
|
735.0
|
|
|
|
360.0
|
|
Other long-term debt
|
|
|
|
133.6
|
|
|
|
114.0
|
|
|
|
|
|
1,421.2
|
|
|
|
1,250.2
|
|
Less: Current portion of long-term debt
|
|
|
|
(88.4
|
)
|
|
|
(110.5
|
)
|
1¼% Convertible senior subordinated notes due 2036
|
|
|
|
—
|
|
|
|
(201.2
|
)
|
Total indebtedness, less current portion
|
|
|
|
$
|
1,332.8
|
|
|
|
$
|
938.5
|
|
Holders of the Company’s 1¼% convertible senior subordinated notes had
the ability to convert the notes if, during any fiscal quarter, the
closing sales price of the Company’s common stock exceeded 120% of the
conversion price of $40.27 per share for at least 20 trading days in the
30 consecutive trading days ending on the last trading day of the
preceding fiscal quarter. In May 2014, the Company announced its
election to redeem all of its outstanding 1¼% convertible senior
subordinated notes with an effective date of June 20, 2014.
Substantially all of the holders of the notes converted their notes with
settlement dates during July 2014 and the Company repurchased the
remaining notes not converted. Due to the ability of the holders of the
notes to convert the notes during the three months ending March 31,
2014, the Company classified the notes as a current liability as of
December 31, 2013.
3. INVENTORIES
Inventories at September 30, 2014 and December 31, 2013 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014
|
|
|
|
|
December 31, 2013
|
Finished goods
|
|
|
|
|
$
|
907.9
|
|
|
|
|
|
$
|
775.7
|
Repair and replacement parts
|
|
|
|
|
607.0
|
|
|
|
|
|
550.2
|
Work in process
|
|
|
|
|
205.5
|
|
|
|
|
|
109.0
|
Raw materials
|
|
|
|
|
594.7
|
|
|
|
|
|
581.2
|
Inventories, net
|
|
|
|
|
$
|
2,315.1
|
|
|
|
|
|
$
|
2,016.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. ACCOUNTS RECEIVABLE SALES AGREEMENTS
At September 30, 2014 and December 31, 2013, the Company had accounts
receivable sales agreements that permit the sale, on an ongoing basis,
of a majority of its wholesale receivables in North America and Europe
to its 49% owned U.S., Canadian and European retail finance joint
ventures. As of September 30, 2014 and December 31, 2013, the cash
received from receivables sold under the U.S., Canadian and European
accounts receivable sales agreements was approximately $1.2 billion and
$1.3 billion, respectively.
Losses on sales of receivables associated with the accounts receivable
financing facilities discussed above, reflected within “Other expense,
net” in the Company’s Condensed Consolidated Statements of Operations,
were approximately $4.8 million and $19.0 million during the three and
nine months ended September 30, 2014, respectively. Losses on sales of
receivables associated with the accounts receivable financing facilities
discussed above, reflected within “Other expense, net” in the Company’s
Condensed Consolidated Statements of Operations, were approximately $6.7
million and $18.8 million during the three and nine months ended
September 30, 2013, respectively.
The Company’s retail finance joint ventures in Brazil and Australia also
provide wholesale financing to the Company’s dealers. As of
September 30, 2014 and December 31, 2013, these retail finance joint
ventures had approximately $56.5 million and $68.2 million,
respectively, of outstanding accounts receivable associated with these
arrangements. In addition, the Company sells certain trade receivables
under factoring arrangements to other financial institutions around the
world.
5. NET INCOME PER SHARE
The Company’s 1¼% convertible senior subordinated notes provided for
(i) the settlement upon conversion in cash up to the principal amount of
the converted notes with any excess conversion value settled in shares
of the Company’s common stock, and (ii) the conversion rate to be
increased under certain circumstances if the notes were converted in
connection with certain change of control transactions. Dilution of
weighted shares outstanding depended on the Company’s stock price for
the excess conversion value using the treasury stock method. A
reconciliation of net income attributable to AGCO Corporation and
subsidiaries and weighted average common shares outstanding for purposes
of calculating basic and diluted net income per share for the three and
nine months ended September 30, 2014 and 2013 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
Basic net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to AGCO Corporation and subsidiaries
|
|
|
|
$
|
65.0
|
|
|
|
$
|
126.2
|
|
|
|
$
|
332.8
|
|
|
|
$
|
457.9
|
Weighted average number of common shares outstanding
|
|
|
|
93.5
|
|
|
|
97.4
|
|
|
|
94.2
|
|
|
|
97.2
|
Basic net income per share attributable to AGCO Corporation and
subsidiaries
|
|
|
|
$
|
0.70
|
|
|
|
$
|
1.30
|
|
|
|
$
|
3.53
|
|
|
|
$
|
4.71
|
Diluted net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to AGCO Corporation and subsidiaries
|
|
|
|
$
|
65.0
|
|
|
|
$
|
126.2
|
|
|
|
$
|
332.8
|
|
|
|
$
|
457.9
|
Weighted average number of common shares outstanding
|
|
|
|
93.5
|
|
|
|
97.4
|
|
|
|
94.2
|
|
|
|
97.2
|
Dilutive stock-settled appreciation rights and performance share
awards
|
|
|
|
0.2
|
|
|
|
0.7
|
|
|
|
0.3
|
|
|
|
0.9
|
Weighted average assumed conversion of contingently convertible
senior subordinated notes
|
|
|
|
0.1
|
|
|
|
1.4
|
|
|
|
0.7
|
|
|
|
1.2
|
Weighted average number of common shares and common share
equivalents outstanding for purposes of computing diluted net
income per share
|
|
|
|
93.8
|
|
|
|
99.5
|
|
|
|
95.2
|
|
|
|
99.3
|
Diluted net income per share attributable to AGCO Corporation and
subsidiaries
|
|
|
|
$
|
0.69
|
|
|
|
$
|
1.27
|
|
|
|
$
|
3.50
|
|
|
|
$
|
4.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Repurchase Program
In July 2012, the Company’s Board of Directors approved a share
repurchase program under which the Company can repurchase up to $50.0
million of its common stock. This share repurchase program does not have
an expiration date. In December 2013, the Company’s Board of Directors
approved an additional share repurchase program under which the Company
can repurchase up to $500.0 million of its common stock through an
expiration date of June 2015.
During the nine months ended September 30, 2014, the Company entered
into accelerated repurchase agreements (“ASRs”) with a financial
institution to repurchase an aggregate of $290.0 million of shares of
the Company’s common stock. The Company has received approximately
5,389,119 shares during the nine months ended September 30, 2014 related
to these ASRs. All shares received under the ASRs were retired upon
receipt, and the excess of the purchase price over par value per share
was recorded to “Additional paid-in capital” within the Company’s
Condensed Consolidated Balance Sheets.
Additionally, during the three months ended September 30, 2014, through
open market transactions, the Company repurchased 1,049,376 shares of
its common stock for approximately $50.9 million at an average price
paid of $48.46 per share. Repurchased shares were retired on the date of
purchase, and the excess of the purchase price over par value per share
was recorded to “Additional paid-in capital” within the Company’s
Condensed Consolidated Balance Sheets.
Of the $550.0 million in approved share repurchase programs, the
remaining amount authorized to be repurchased is approximately $190.5
million.
6. SEGMENT REPORTING
The Company’s four reportable segments distribute a full range of
agricultural equipment and related replacement parts. The Company
evaluates segment performance primarily based on income from operations.
Sales for each segment are based on the location of the third-party
customer. The Company’s selling, general and administrative expenses and
engineering expenses are charged to each segment based on the region and
division where the expenses are incurred. As a result, the components of
income from operations for one segment may not be comparable to another
segment. Segment results for the three and nine months ended
September 30, 2014 and 2013 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|
North America
|
|
|
|
South America
|
|
|
|
Europe/Africa/ Middle East
|
|
|
|
Asia/ Pacific
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
$
|
531.3
|
|
|
|
$
|
455.0
|
|
|
|
$
|
1,026.0
|
|
|
|
$
|
142.5
|
|
|
|
$
|
2,154.8
|
Income (loss) from operations
|
|
|
|
|
|
|
37.3
|
|
|
|
|
36.4
|
|
|
|
|
57.0
|
|
|
|
|
(1.0
|
)
|
|
|
|
129.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
$
|
686.6
|
|
|
|
$
|
572.3
|
|
|
|
$
|
1,086.4
|
|
|
|
$
|
130.6
|
|
|
|
$
|
2,475.9
|
Income (loss) from operations
|
|
|
|
|
|
|
78.1
|
|
|
|
|
71.9
|
|
|
|
|
98.4
|
|
|
|
|
(2.6
|
)
|
|
|
|
245.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
North America
|
|
|
|
South America
|
|
|
Europe/Africa/ Middle East
|
|
|
|
Asia/ Pacific
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
1,865.0
|
|
|
|
|
$
|
1,248.8
|
|
|
|
$
|
3,783.8
|
|
|
|
|
$
|
340.9
|
|
|
|
|
$
|
7,238.5
|
Income (loss) from operations
|
|
|
|
|
188.3
|
|
|
|
|
94.2
|
|
|
|
366.0
|
|
|
|
|
(5.6
|
)
|
|
|
|
642.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
2,099.7
|
|
|
|
|
$
|
1,578.0
|
|
|
|
$
|
3,878.6
|
|
|
|
|
$
|
370.9
|
|
|
|
|
$
|
7,927.2
|
Income from operations
|
|
|
|
|
271.8
|
|
|
|
|
179.9
|
|
|
|
403.0
|
|
|
|
|
2.1
|
|
|
|
|
856.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation from the segment information to the consolidated
balances for income from operations is set forth below:
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
Segment income from operations
|
|
|
|
|
$
|
129.7
|
|
|
|
|
$
|
245.8
|
|
|
|
|
$
|
642.9
|
|
|
|
|
$
|
856.8
|
|
Corporate expenses
|
|
|
|
|
(28.7
|
)
|
|
|
|
(29.5
|
)
|
|
|
|
(88.3
|
)
|
|
|
|
(85.5
|
)
|
Stock compensation (expense) credit
|
|
|
|
|
21.0
|
|
|
|
|
(5.5
|
)
|
|
|
|
9.8
|
|
|
|
|
(31.9
|
)
|
Restructuring and other infrequent expenses
|
|
|
|
|
(2.9
|
)
|
|
|
|
—
|
|
|
|
|
(2.9
|
)
|
|
|
|
—
|
|
Amortization of intangibles
|
|
|
|
|
(10.4
|
)
|
|
|
|
(11.8
|
)
|
|
|
|
(30.4
|
)
|
|
|
|
(35.9
|
)
|
Consolidated income from operations
|
|
|
|
|
$
|
108.7
|
|
|
|
|
$
|
199.0
|
|
|
|
|
$
|
531.1
|
|
|
|
|
$
|
703.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP MEASURES
This earnings release discloses adjusted income from operations, net
income and earnings per share, all of which exclude amounts that differ
from the most directly comparable measure calculated in accordance with
U.S. generally accepted account principles (“GAAP”). A reconciliation of
each of those measures to the most directly comparable GAAP measure is
included below.
The following is a reconciliation of adjusted income from operations,
net income and earnings per share to reported income from operations,
net income and earnings per share for the three months ended September
30, 2014 and 2013 (in millions, except per share data):
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
Income From Operations
|
|
|
Net Income(1)
|
|
|
Earnings Per Share (1)
|
|
|
|
Income From Operations
|
|
|
Net Income(1)
|
|
|
Earnings Per Share (1)
|
As adjusted
|
|
|
|
|
$
|
111.6
|
|
|
|
$
|
66.9
|
|
|
|
$
|
0.71
|
|
|
|
|
$
|
199.0
|
|
|
|
$
|
126.2
|
|
|
|
$
|
1.27
|
Restructuring and other infrequent expenses (2) |
|
|
|
|
2.9
|
|
|
|
1.9
|
|
|
|
0.02
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
As reported
|
|
|
|
|
$
|
108.7
|
|
|
|
$
|
65.0
|
|
|
|
$
|
0.69
|
|
|
|
|
$
|
199.0
|
|
|
|
$
|
126.2
|
|
|
|
$
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net income and earnings per share amounts are after
tax.
|
(2) The restructuring and other infrequent expenses
recorded during the three months ended September 30, 2014 relate
to severance costs associated with the Company’s rationalization
of its operations in North America and South America.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of adjusted income from operations,
net income and earnings per share to reported income from operations,
net income and earnings per share for the nine months ended September
30, 2014 and 2013 (in millions, except per share data):
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
Income From Operations
|
|
|
Net Income(1)
|
|
|
Earnings Per Share (1)
|
|
|
Income From Operations
|
|
|
Net Income(1)
|
|
|
Earnings Per Share (1)
|
As adjusted
|
|
|
|
|
$
|
534.0
|
|
|
|
$
|
334.7
|
|
|
|
$
|
3.52
|
|
|
|
$
|
703.5
|
|
|
|
$
|
457.9
|
|
|
|
$
|
4.61
|
Restructuring and other infrequent expenses (2) |
|
|
|
|
|
2.9
|
|
|
|
|
1.9
|
|
|
|
|
0.02
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
As reported
|
|
|
|
|
$
|
531.1
|
|
|
|
$
|
332.8
|
|
|
|
$
|
3.50
|
|
|
|
$
|
703.5
|
|
|
|
$
|
457.9
|
|
|
|
$
|
4.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net income and earnings per share amounts are after
tax.
|
(2) The restructuring and other infrequent expenses
recorded during the nine months ended September 30, 2014 relate to
severance costs associated with the Company’s rationalization of
its operations in North America and Sout America.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This earnings release discloses the percentage change in regional net
sales due to the impact of currency translation. The following table
sets forth, for the three and nine months ended September 30, 2014, the
impact to net sales of currency translation by geographical segment (in
millions, except percentages):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|
|
|
Change due to currency translation
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
% change from 2013
|
|
|
|
$
|
|
|
%
|
North America
|
|
|
|
|
$
|
531.3
|
|
|
$
|
686.6
|
|
|
|
(22.6
|
)%
|
|
|
|
$
|
(3.0
|
)
|
|
(0.4
|
)%
|
South America
|
|
|
|
|
|
455.0
|
|
|
|
572.3
|
|
|
|
(20.5
|
)%
|
|
|
|
|
(12.0
|
)
|
|
(2.1
|
)%
|
Europe/Africa/Middle East
|
|
|
|
|
|
1,026.0
|
|
|
|
1,086.4
|
|
|
|
(5.6
|
)%
|
|
|
|
|
(2.7
|
)
|
|
(0.2
|
)%
|
Asia/Pacific
|
|
|
|
|
|
142.5
|
|
|
|
130.6
|
|
|
|
9.1
|
%
|
|
|
|
|
0.4
|
|
|
0.3
|
%
|
|
|
|
|
|
$
|
2,154.8
|
|
|
$
|
2,475.9
|
|
|
|
(13.0
|
)%
|
|
|
|
$
|
(17.3
|
)
|
|
(0.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
Change due to currency translation
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
% change from 2013
|
|
|
|
$
|
|
|
%
|
North America
|
|
|
|
|
|
$
|
1,865.0
|
|
|
$
|
2,099.7
|
|
|
|
(11.2
|
)%
|
|
|
|
$
|
(18.8
|
)
|
|
|
(0.9
|
)%
|
South America
|
|
|
|
|
|
|
1,248.8
|
|
|
|
1,578.0
|
|
|
|
(20.9
|
)%
|
|
|
|
|
(122.8
|
)
|
|
|
(7.8
|
)%
|
Europe/Africa/Middle East
|
|
|
|
|
|
|
3,783.8
|
|
|
|
3,878.6
|
|
|
|
(2.4
|
)%
|
|
|
|
|
89.9
|
|
|
|
2.3
|
%
|
Asia/Pacific
|
|
|
|
|
|
|
340.9
|
|
|
|
370.9
|
|
|
|
(8.1
|
)%
|
|
|
|
|
(5.6
|
)
|
|
|
(1.5
|
)%
|
|
|
|
|
|
|
$
|
7,238.5
|
|
|
$
|
7,927.2
|
|
|
|
(8.7
|
)%
|
|
|
|
$
|
(57.3
|
)
|
|
|
(0.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: AGCO
AGCO Greg Peterson, 770-232-8229 Director of Investor Relations greg.peterson@agcocorp.com
|