Jackson, MN (KICD) — AGCO has reported another record quarter. CEO Eric Hansotia  says net sales for the previous three months were 3 point 8 billion dollars, up twenty-nine-point eight percent from the same period of 2022. North American sales were up thirty-four-point seven percent to 996.8 million dollars.
ALL tractor sales in North America were down two percent year over year, but the sale of high horsepower farm tractors were UP thirteen percent.
Combine sales for the entire industry is strong this year. Hansotia says for AGCO, sales are up 57 percent in North America, and up 76 percent for the Ideal brand.
Hansotia says Fendt sales are ahead of growth levels, and the company’s precision ag division sales were up 23 percent from last year.
AGCO is expecting farm income to be down from record levels in 2022, but is increasing projected sales, net income, operating margins, and cash flow for the rest of the year.
The international firm has a production facility in Jackson, Minnesota; where all track tractors, the chassis for track combines, and self-propelled sprays are assembled.