AGCO Shares Drop As Q3 Results Miss Expectations, 2024 Outlook Cut Amid Softened Global Demand

AGCO Corp (NYSE:AGCO) shares slipped after the company reported worse-than-expected third-quarter results and lowered its 2024 outlook.

AGCO reported a third-quarter net sales decline of 24.8% year over year to $2.599 billion, missing the consensus of $2.90 billion.

Regional Sales: South America -47% YoY, Europe/Middle East -18.2% YoY, North America -21.8% YoY, and Asia/Pacific/Africa -11.7% YoY.

Adjusted operating income slid 67% year over year to $143.8 million, and the margin contracted by 710 bps to 5.5%. The gross profit declined 35.4% year-over-year to $603.1 million, and the margin declined 383 bps to 23.2%.

The company reported regional operating margin performance with EME at 6.4%, North America ...