Corporation AGCO (opens in a new tab) reported net sales of $3.9 billion for the fourth quarter of 2022, up 23.6% from the same period in 2021.
This is reported on the official website of Fendt (opens in a new tab).
The report notes that net income for the reporting period came to $4.29 per share in the fourth quarter of 2022, while adjusted net income came to $4.47 per share. Adjusted net income excludes restructuring costs and costs related to the sale of the Russian joint venture.
“Our record 2022 results, highlighted by net sales of approximately $12.7 billion and adjusted operating margin of 10.3%, are the result of consistent execution of our strategy. Our results were driven by sustained demand for our industry-leading products, combined with resilient demand across the global industry. Our farmer-first focus was underscored by our fourth-quarter results, which not only delivered record net sales and operating income, but also generated significant free cash flow.”
Eric Hansotia – Chairman, President, and CEO of AGCO.
Eric Hansotia noted that in 2023, AGCO expects further sales growth and margin expansion, as industry demand remains high and the corporation’s farmer-first strategy continues to gain momentum.
AGCO reported that net sales for full-year 2022 came to approximately $12.7 billion, up 13.6% from 2021. Excluding the unfavorable impact of currency translation of 8.5%, net sales for full-year 2022 rose 22.1% compared with 2021.
For full-year 2022, the corporation’s net income came to $11.87 per share, while adjusted net income, excluding impairment charges, restructuring costs, and other items, came to $12.42 per share. These results compare with net income of $11.85 in 2021.
