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AGCO Reports Lower Sales, Earnings During First Quarter
USAgNet - 04/28/2016

AGCO reported net sales of approximately $1.6 billion for the first quarter of 2016, a decrease of approximately 8.4% compared to net sales of approximately $1.7 billion for the first quarter of 2015.

Reported net income was $0.09 per share for the first quarter of 2016 and adjusted net income, excluding restructuring and other infrequent expenses, was $0.11 per share. These results compare to reported net income of $0.34 per share and adjusted net income, excluding restructuring and other infrequent expenses, of $0.43 per share for the first quarter of 2015.

Excluding unfavorable currency translation impacts of approximately 5.2%, net sales in the first quarter of 2016 decreased approximately 3.2% compared to the first quarter of 2015.

Lower industry demand for farm equipment across all regions is expected to continue to negatively impact AGCO's sales and earnings for the remainder of 2016.

AGCO's 2016 net sales are expected to reach $7.0 billion. Gross and operating margins are expected to be below 2015 levels due to the negative impact of lower sales and production volumes, a weaker sales mix and increased investment in product development.


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