Farm equipment manufacturer and distributor AGCO (NYSE: AGCO, which is based in Duluth, Georgia, reported its net sales for the second quarter were approximately $2.9 billion, an increase of approximately 43.5% compared to the second quarter of 2020.
Net sales for the first six months of 2021 were $5.3 billion, an increase of 33.6% compared to the same period last year.
AGCO projected its full-year earnings to be $9.50 per share, with revenue in the range of $11.3 billion to $11.5 billion.
“Our second quarter results were highlighted by strong margin performance across all regions resulting in the achievement of record earnings per share,” said AGCO Chairman, President and CEO Eric Hansotia. “Focused execution and proactive pricing actions by the AGCO team mitigated the impact of the difficult supply chain environment, which was compounded by escalating material cost inflation.
“Our second quarter sales and production were up significantly from the second quarter of last year when extended COVID-related shutdowns in both Europe and South America interrupted our operations. Favorable farm economics are supporting increases in replacement demand and market response to our technology-focused products remains extremely positive.”