AGCO reports fourth quarter results

Net sales for the full year of 2019 were approximately $9.0 billion

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AGCO reported net sales of approximately $2.5 billion for the fourth quarter of 2019, a decrease of approximately 3.0% compared to the fourth quarter of 2018. Reported net loss was $1.17 per share for the fourth quarter of 2019, and adjusted net income, excluding non-cash impairment charges, restructuring expenses and a tax gain, was $0.94 per share.

These results compare to reported net income of $1.26 per share and adjusted net income, excluding restructuring expenses, debt retirement costs and a U.S. tax reform benefit, of $1.31 per share for the fourth quarter of 2018.

Excluding unfavorable currency translation impacts of approximately 2.4%, net sales in the fourth quarter of 2019 decreased approximately 0.6% compared to the fourth quarter of 2018. During the fourth quarter of 2019, AGCO recorded non-cash goodwill and intangible asset impairment charges of approximately $176.6 million, or $2.33 per share, primarily related to the Company’s European grain and protein operations.

Net sales for the full year of 2019 were approximately $9.0 billion, which is a decrease of approximately 3.3% compared to 2018. Excluding unfavorable currency translation impacts of approximately 4.2%, net sales for the full year of 2019 increased approximately 0.8% compared to 2018. For the full year of 2019, reported net income was $1.63 per share, and adjusted net income(3), excluding non-cash impairment charges, restructuring expenses and certain tax charges and gains, was $4.44 per share. These results compare to reported net income of $3.58 per share and adjusted net income, excluding restructuring expenses, debt retirement costs and a U.S. tax reform benefit, of $3.89 per share for 2018.

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