Agco Reports Fourth-Quarter Loss Despite Beating Earnings Expectations
Agco Corp. (AGCO) reported a fourth-quarter loss of $255.7 million, reversing the profit recorded in the same period last year. On a per-share basis, the Duluth, Georgia-based company experienced a loss of $3.42.
Excluding asset impairment and restructuring costs, Agco's adjusted earnings reached $1.97 per share, surpassing analysts' estimates. Consensus projections from eight analysts polled by Zacks Investment Research stood at $1.80 per share.
However, Agco's quarterly revenue of $2.89 billion fell short of market expectations, with seven analysts surveyed by Zacks forecasting $3.16 billion.
For the full year, Agco swung into a loss, reporting a net deficit of $424.8 million or $5.69 per share. Annual revenue reached $11.66 billion.
Looking ahead, Agco projects full-year earnings per share in the range of $4 to $4.50, while revenue is estimated at $9.6 billion.
Since the start of 2023, Agco shares have gained 11%, but they have lost 15% over the past 12 months.