July 29 Agco Corp 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
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
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