AGCO Q1 profit up 49% to $121 million

The Duluth, Ga.-based agricultural equipment maker generated record-first-quarter sales and profit as global demand for its products continued to rise.

• Net Sales: $2.3 billion, up 26.5 percent
• Net Income: $121.2 million, up 48.5 percent
• Earnings Per Share: $1.21, up 49.4 percent

Click here for the full earnings report.

Martin Richenhagen, AGCO chairman, president and CEO:

“AGCO’s strong performance in the first quarter produced record sales and earnings. We capitalized on improved demand in key Western European markets and continued market strength in North America while executing against our important margin improvement initiatives... Our GSI acquisition was also a contributor to the positive results, particularly in North America.”

Source: Atlanta Business Chronicle - Webview