AGCO Reports Third Quarter Results

The Company’s four reportable segments distribute a full range of agricultural equipment and related replacement parts. The Company evaluates segment performance primarily based on income from operations. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income from operations for one segment may not be comparable to another segment. Segment results for the three and nine months ended September 30, 2012 and 2011 are as follows:

Three Months Ended		North				South				Europe/Africa/				Asia/
September 30,		America				America				Middle East				Pacific				Consolidated
2012
Net sales		$	632.2			$	479.9			$	1,060.5			$	122.4			$	2,295.0
Income from operations			60.0				45.0				81.7				3.8				190.5
2011
Net sales		$	417.7			$	515.7			$	1,092.4			$	73.3			$	2,099.1
Income from operations			15.6				35.4				89.6				6.5				147.1
Nine Months Ended		North				South				Europe/Africa/				Asia/
September 30,		America				America				Middle East				Pacific				Consolidated
2012
Net sales		$	1,932.1			$	1,343.8			$	3,667.2			$	315.7			$	7,258.8
Income from operations			205.9				110.6				387.5				9.8				713.8
2011
Net sales		$	1,171.9			$	1,423.0			$	3,465.6			$	194.9			$	6,255.4
Income from operations			48.3				106.7				344.4				15.9				515.3

A reconciliation from the segment information to the consolidated balances for income from operations is set forth below:

		Three Months Ended										Nine Months Ended
		September 30,										September 30,
		2012					2011					2012					2011
Segment income from operations		$	190.5				$	147.1				$	713.8				$	515.3
Corporate expenses			(29.8	)				(22.0	)				(75.5	)				(60.3	)
Stock compensation expense			(8.9	)				(6.0	)				(27.1	)				(17.0	)
Restructuring and other infrequent income			—					—					—					0.7
Amortization of intangibles			(12.2	)				(4.8	)				(36.9	)				(14.1	)
Consolidated income from operations		$	139.6				$	114.3				$	574.3				$	424.6

RECONCILIATION OF NON-GAAP MEASURES

This earnings release discloses adjusted income from operations, net income and net income per share, all of which exclude amounts that differ from the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included below.

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