AGCO mustered net sales worth just over US$2 billion during the second quarter of 2020, to show a 17% fall when compared to the same period in 2019.
This was added to the net sales for the first 6 months of 2020 to reach US$3.9 billion, a decline of 10.9% compared to the same period in 2019.
When analysed on a regional basis it showed sales were down in all the major markets with Europe/Middle East down 22.8%; North America down 10.2%; South America down 3.9%; with the Asia/Pacific/Africa faring best and only down by 8.3%.
The small Asia/Pacific/Africa net sales decrease was a bright spot for AGCO 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 in this region improved by approximately US$2.3 million in the first 6 months of 2020, compared to the same period in 2019, due to a richer product sales mix and reduced expenses.
Forecasting ahead, AGCO expects net sales for the group in 2020 to reach US$8.3 to US$8.4 billion. This outlook does not contemplate any further sales or production disruptions caused by the COVID-19 pandemic.