Agco posts lower profit, cuts outlook, citing global sales slide

Tue Jul 29, 2014 8:38am EDT

(Reuters) - Agco Corp (AGCO.N) on Tuesday reported a lower quarterly profit and slashed its full-year earnings outlook as falling farm commodity prices sent sales of its tractors, harvesters and other agricultural equipment sharply lower in almost every region of the world.

The Duluth, Georgia-based company posted a second quarter profit of $168 million, or $1.77 a share, down from $213.7 million, or $2.15 a share, during the comparable quarter last year.

Sales fell 9 percent to $2.8 billion, led by 12.2 percent decline in North America and a 10.7 percent drop in South America.

The company also cut its full-year earnings forecast to $5.00 a share, down from an earlier forecast of $6 a share.

(Reporting by James B. Kelleher in Chicago, Editing by Franklin Paul)