(Reuters) - Farming equipment maker AGCO Corp (AGCO.N) forecast a 2013 profit mostly above Wall Street’s expectations, citing growing sales in South America.
The company, which competes fiercely with rival Deere & Co (DE.N), expects 2013 earnings per share of $5.50 to $5.75 per share.
Analysts on Wall Street have expected earnings of $5.56 per share for 2013, according to Thomson Reuters I/B/E/S.
The company expects sales to grow 3 percent to 5 percent in 2013 from 2012 levels.
Shares of AGCO rose 2.7 percent to $47.79 after the forecast was announced at the company’s annual investor day in New York.
Reporting By Ernest Scheyder; Editing by Gerald E. McCormick