AGCO, Your Agriculture Company, has reported its results for the second quarter ended 30 June 2020
Net sales for the second quarter were approximately US$2bn, a decrease of approximately 17.2 per cent compared to the second quarter of 2019.
The Asia-Pacific and Africa net sales decreased 8.3 per cent, excluding the negative impact of currency translation, in the first six months of 2020 compared to the same period in 2019. Sales declines were most significant in Africa and Asia and were partially offset by growth in Australia and China.
Income from operations improved by approximately US$2.3mn in the first six months of 2020, compared to the same period in 2019, due to a richer product sales mix and reduced expenses.
“AGCO’s priorities throughout the COVID-19 crisis continues to be the safety of our employees while serving our dealers and the world’s farmers as they maintain the global food supply,” stated Martin Richenhagen, AGCO’s chairman, president and CEO.
“Margin improvement in our North American, South American and Asia-Pacific/Africa regions highlighted our results. While all our factories are now open with strong order boards heading into second half of 2020, we still face a demanding environment to manage our manufacturing, supply chain and aftermarket operations. In addition, end-market demand has been negatively impacted by the pandemic, but is proving to be resilient as farmers look to replace their aged fleet.”
