- AGCO Corp (AGCO) reported first-quarter FY23 net sales growth of 24% year-over-year to $3.33 billion, beating the consensus of $3.16 billion.
- Adjusted EPS improved to $3.51 from $2.39, beating the consensus of $2.70.
- The company's solid operational performance, continued pricing actions, and a stabilizing supply chain bolstered Q1 results.
- Regional Sales: Europe/Middle East +21.4% Y/Y, North America +31.7% Y/Y, South America +41.4% Y/Y, Asia/Pacific/Africa (-9.9% Y/Y).
- The gross margin expanded by 210 bps to 25.6%.
- AGCO held cash and equivalents of $558.7 million as of quarter-end.
- On April 27, the company declared a variable special dividend of $5 per share and increased the quarterly dividend by 21% to $0.29 per share, both payable in June.
- FY23 Outlook: AGCO expects net sales of ~$14.5 billion (consensus $14.06 billion), reflecting improved sales volumes and pricing. Earlier, the company expected sales of $14 billion.
- The company targets EPS of ~$14.40, above the consensus of $13.60. Earlier, the company expected adjusted EPS of $13.50.
- Price Action: AGCO shares are trading higher by 1.99% at $127.11 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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