Net income for the first quarter of 2014 was $1.03 per share. These results compare to net income of $1.19 per share for the first quarter of 2013. Excluding unfavorable currency translation impacts of approximately 2.1%, net sales in the first quarter of 2014 decreased approximately 0.8% compared to the first quarter of 2013.
First Quarter Highlights
•Regional sales results(1): North America +5%, Europe/Africa/ Middle East (“EAME”) +1%, South America -9%, Asia/Pacific (“APAC”) -17%
•Regional operating margin performance: EAME 9.8%, North America 8.6%, South America 7.9%, APAC -1.3%
•Full year earnings per share guidance maintained at $6.00
•Share repurchase program reduces outstanding shares by 4.2 million during Q1 2014
- (1)Excludes currency translation impact. See reconciliation of Non-GAAP measures in appendix.
Net sales, excluding currency translation impacts, were approximately flat in AGCO’s EAME region in the first quarter of 2014 compared to the first quarter of 2013 despite softer market conditions. Sales growth in Germany and Scandinavia was offset by declines in France and other European markets. EAME operating income improved by $21.2 million in the first quarter of 2014 compared to the same period in 2013. AGCO’s results were positively impacted by slightly higher sales levels, improved factory productivity and the benefit of cost reduction initiatives.
Quelle: AGCO, Your Agriculture Company