Tractor Makers CNH and AGCO Trim Outlooks on Weak Farmer Demand [BNN Bloomberg (Canada)]
AGCO Corporation (AGCO)
Last agco corporation earnings: 2/6 07:30 am
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Source: BNN Bloomberg
Ample world grain supplies and slumping farmer incomes have been hitting tractor makers as well as seed and fertilizer suppliers. The impact has been particularly acute in Brazil: While the agricultural powerhouse has been harvesting bumper crops, tumbling prices for corn and soybeans are leading to defaults. AGCO shares slumped as much as 4% in early trading Thursday, while CNH fell as much as 2.3%. CNH lowered its earnings forecast for the year to $1.45 to $1.55 a share, from $1.50 to $1.60 previously, even as quarterly earnings topped analyst expectations. The maker of Case IH and New Holland tractors expects industry volumes to be down 15% this year, compared with previous guidance for a decline of 10% to 15%. “Lower industry demand persisted” in the first quarter, Chief Executive Officer Scott Wine said in a statement Thursday. The company said sales of crop-harvesting combines in South America fell 40% in the quarter, with that market “continuing the negative trend of t
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AGCO
News
- AGCO Agriculture Foundation Donates to BrazilFoundation to Support Flood Response in Southern Brazil [Yahoo! Finance]Yahoo! Finance
- AGCO Agriculture Foundation Donates to BrazilFoundation to Support Flood Response in Southern BrazilPR Newswire
- Hanging Windrower Market Size Worth $10.42 Billion by 2033; Rapidly Growing Agriculture Industry to Propel Growth [Yahoo! Finance]Yahoo! Finance
- AGCO Agriculture Foundation Partners with The Do More Agriculture Foundation to Support Farmer Mental Health [Yahoo! Finance]Yahoo! Finance
- AGCO Agriculture Foundation Partners with The Do More Agriculture Foundation to Support Farmer Mental HealthPR Newswire
AGCO
Earnings
- 5/2/24 - Beat
AGCO
Sec Filings
- 5/16/24 - Form 8-K
- 5/3/24 - Form 10-Q
- 5/2/24 - Form 8-K
- AGCO's page on the SEC website