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Article: AGCO's Outlook Remains Weak - Analyst Blog
- Article from:
- Zacks Investment Research - Analyst Blog
- Article date:
- November 2, 2009
- Author:
CopyrightCopyright 2009 Zacks Investment Research. (Hide copyright information)
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AGCO's Outlook Remains Weak - Analyst Blog
Last week,
AGCO Corp.
(
AGCO
) reported third-quarter results. The company posted earnings of 13 cents per share, compared $1.01 per share in the prior-year quarter. The significant decline in quarterly earnings was driven by lower sales volumes, weaker product mix and the negative impact of currency translation.
Net sales in the quarter were $1,403.7 million, down 32.7% compared to the third quarter of 2008. AGCO is experiencing soft demand conditions in most of its markets. Lower commodity prices, along with expectations of decreased farm income, are hampering investments in farm equipment around the world. AGCO is aggressively ...