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Agco posts higher-than-expected Q1 results
April 29, 2014 / 12:45 PM / 3 years ago

Agco posts higher-than-expected Q1 results

April 29 (Reuters) - 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 Paul)

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