World Grain - March 2023 - 78

SUPPLIER NEWS
AGCO sales increase in 2022 on strong demand
DULUTH, GEORGIA, US - Solid global industry demand
helped AGCO increase sales in 2022 by 13.6% to about $12.7
billion.
The company reported net income attributable to the company
and its subsidiaries of $889.6 million, down from $897
million in 2021. Reported net income was $11.87 per share,
and adjusted net income, excluding impairment charges, restructuring
expenses and other related items, was $12.42 per
share. Results compared to reported net income of $11.85 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 and Brazil, of $10.38 per share in 2021.
" Our performance was fueled by robust demand for our
industry-leading products coupled with continued solid
global industry demand, " said Eric Hansotia, president and
chief executive officer of AGCO. " Our farmer-first focus was
highlighted by our fourth-quarter results that not only delivered
record net sales and operating margin, but also generated
substantial free cash flow. These results are evidence that our
precision ag technology and premier equipment are in high
demand and are driving productivity improvements for our
farmers while providing us margin-rich growth opportunities. "
For 2023, Hansotia said AGCO expects continued sales
growth and margin expansion as industry demand remains
strong.
AGCO's net sales for 2023 are expected to be approximately
$14 billion, reflecting improved sales volumes and pricing
partially offset by negative foreign currency translation. Gross
and operating margins are projected to improve from 2022
levels, reflecting the impact of higher sales and production
volumes as well as pricing to offset cost inflation. These improvements
are expected to fund increases in engineering and
other technology investments to support AGCO's precision
agriculture and digital initiatives.
For the fourth quarter ended Dec. 31, 2022, AGCO posted
net sales of $3.9 billion, an increase of 24% compared with
the same quarter in 2021. Reported net income was $4.29 per
share for the fourth quarter, and adjusted net income, which
excludes restructuring expenses and a charge related to the
divestiture of a Russian joint venture, was $4.47 per share.
These results compared to reported net income of $3.75 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 Brazil, of $3.08 per share, for the fourth quarter of 2021.
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March 2023 / World Grain / www.World-Grain.com
World Grain - March 2023

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