AGCO reported net sales of approximately $2.7 billion for the fourth quarter of 2020, an increase of approximately 8.1% compared to the fourth quarter of 2019.
“The AGCO team delivered strong operational results leveraging improving markets to produce sales and earnings growth in the fourth quarter,” said Eric Hansotia, AGCO’s Chairman, president and CEO.
“Our focused execution allowed us to overcome supply chain difficulties and maintain production levels, while reducing company and dealer inventories, which contributed to significant cash flow generation.
Our improved results allowed us to maintain our investments in premium technology, sustainable smart farming solutions and enhanced digital capabilities.
Looking forward to 2021, we are forecasting sales and earnings growth as industry conditions trend positively and we position AGCO for future success.”
“Increased grain consumption, driven by economic recovery and higher export demand, helped to offset a solid year of global crop production leaving year-end grain inventories lower than anticipated,” stated Hansotia. “Reduced grain stocks supported a rally in soft commodity prices, lifted farmer sentiment and supported higher demand for agricultural equipment during the fourth quarter.”