AGCO has reported net sales of approximately US$2.0 billion for the second quarter of 2016, a decrease of approximately 3.6% compared with net sales of approximately US$2.1 billion for the second quarter of 2015. Source: AFDJ eNews
Net sales for the first six months of 2016 were approximately US$3.6 billion, a decrease of approximately 5.8% compared with the same period in 2015.
Second Quarter Highlights Regional sales results:
- North America (10.2)%
- Europe/Africa/Middle East (“EAME”) +4.6%
- South America (14.3)%
- Asia/Pacific (“APAC”) +25.9%
“Challenging market conditions shaped AGCO’s second quarter as our industry continued to operate at a low point in the agricultural equipment cycle,” Martin Richenhagen, AGCO’s Chairman, President and Chief Executive Officer said.
“In the midst of a weaker industry environment, we continued to deliver quality products and service to our customers, while aggressively managing our expenses and working capital.
“Our second quarter results were highlighted by solid margin performance, especially in our EAME and APAC regions, where operating margins improved during the second quarter compared to the same period in 2015.
“We are also managing for the long-term during this weak demand period by increasing the level of investment in product development in order to provide industry leading products and service levels for our customers.
“We have a full slate of new product introductions planned for the second half of 2016, ranging from the most powerful, technology-rich tractor on a conventional frame to highly efficient low and medium horsepower tractors.
“These new products are aimed at improving our competitive position in the global marketplace and increasing our margins in the years ahead.”