April 29 Agco Corp on Tuesday posted
results that topped analysts expectations as modest increase in
sales of its farm equipment in much of the world offset
pronounced weakness in Asia.
But the Duluth, Georgia-based company cautioned that weaker
commodity prices were making farmers cautious about new capital
expenditures in their operations and would present a challenge
throughout the year.
Agco reported a first-quarter profit of $99.6 million, or
$1.03 a share, down from $118.0 million, or $1.19 a share,
during the comparable quarter last year.
The company, which makes tractors and harvesters sold under
the Massey Ferguson, Fendt, Valtra and Agco brand names, said
sales fell 2.9 percent to $2.3 billion.
Analysts, on average, expected Agco to report a profit of 76
cents a share, according to Thomson Reuters I/B/E/S.
(Reporting by James B. Kelleher in Chicago, Editing by Franklin