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AGCO Reports Fourth 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 months and years ended December 31, 2012 and 2011 are as follows:

Three Months EndedDecember 31,

   

NorthAmerica

     

SouthAmerica

     

Europe/Africa/Middle East

     

Asia/Pacific

     

Consolidated

 
2012
Net sales $ 652.3 $ 511.9 $ 1,406.5 $ 132.7 $ 2,703.4
Income from operations 54.0 51.0 87.4 0.4 192.8
 
2011
Net sales $ 598.7 $ 448.5 $ 1,381.6 $ 89.0 $ 2,517.8
Income from operations 42.6 36.4 142.5 8.0 229.5
 
 

Years EndedDecember 31,

   

NorthAmerica

     

SouthAmerica

     

Europe/Africa/Middle East

     

Asia/Pacific

     

Consolidated

 
2012
Net sales $ 2,584.4 $ 1,855.7 $ 5,073.7 $ 448.4 $ 9,962.2
Income from operations 259.9 161.6 474.9 10.2 906.6
 
2011
Net sales $ 1,770.6 $ 1,871.5 $ 4,847.2 $ 283.9 $ 8,773.2
Income from operations 90.9 143.1 486.9 23.9 744.8
 
 

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

 

Three Months EndedDecember 31,

     

Years EndedDecember 31,

  2012           2011     2012           2011  
Segment income from operations $ 192.8 $ 229.5 $ 906.6 $ 744.8
Corporate expenses (31.6 ) (30.3 ) (107.1 ) (90.6 )
Stock compensation expense (7.5 ) (6.0 ) (34.6 ) (23.0 )
Restructuring and other infrequent income 0.7
Impairment charge (22.4 ) (22.4 )
Amortization of intangibles   (12.4 )   (7.5 )   (49.3 )   (21.6 )
Consolidated income from operations $ 118.9   $ 185.7   $ 693.2   $ 610.3  
 
 

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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