AGCO Corporation (NYSE:AGCO) Q1 2024 Earnings Call Transcript

AGCO Corporation (NYSE:AGCO) Q1 2024 Earnings Call Transcript May 2, 2024

AGCO Corporation misses on earnings expectations. Reported EPS is $2.25 EPS, expectations were $2.29. AGCO Corporation isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day, and welcome to AGCO First Quarter 2024 Earnings Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Greg Peterson, AGCO Head of Investor Relations. Please go ahead. Mr. Peterson, your line is unmuted. Please go ahead.

Greg Peterson: Thanks, Jigar, and good morning. Welcome to those of you joining us for AGCO's First Quarter 2024 Earnings Call. We will refer to a slide presentation this morning that's posted on our website at www.agcocorp.com.

A farmer surrounded by a field of crops, his tractor parked in the background.

The non-GAAP measures used in the slide presentation are reconciled to GAAP metrics in the appendix of that presentation. We'll make forward-looking statements this morning, including statements about our strategic plans and initiatives as well as their financial impacts. We'll discuss demand, product development and capital expenditure plans and timing of those plans and our expectations concerning the costs and benefits of those plans and timing of those benefits. It will also cover future revenue, crop production and farm income, production levels, price levels, margins, earnings, cash flow and other financial metrics.

All of these are subject to risks that could cause actual results to differ materially from those suggested by the statements. These risks include, but are not limited to, adverse developments in the agricultural industry, supply chain disruption, inflation, weather, commodity prices, changes in product demand, interruptions in supply of parts and products, the possible failure to develop new and improved products on time, putting premium technology and smart farming solutions within budget and with the expected performance and price benefits.

Also includes difficulties in integrating the PTx Trimble business in a manner that produces the expected financial results, the reactions by customers and competitors to the transaction, including the rate at which PTx Trimble's largest OEM customer reduces purchases of PTx Trimble equipment and the rate of replacement by the joint venture of those sales.

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