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AGCO Reports Second Quarter Results

Market Update

Industry Unit Retail Sales

 

Six months ended June 30, 2013
   

Tractors

Change from

Prior Year Period
   

Combines

Change from

Prior Year Period
 
North America 11% 41%
South America 26% 58%
Western Europe (4%) (11%)
 

“Elevated levels of farm profitability continued to drive global demand for agricultural equipment this quarter,” stated Mr. Richenhagen. “North American industry sales remain strong, despite the late and compressed Spring planting season. Crop conditions are tracking well, and the projected yields are well above last year’s drought- impacted production. Crop prices have declined, but remain at attractive levels. Market demand is mixed across Western Europe. The lingering impacts of a poor 2012 harvest and a cold, wet Spring are negatively impacting industry sales in the United Kingdom, Finland and Southern Europe. Strong levels of demand continue in the larger European markets of Germany and France. Market sales are robust in Brazil, where improved crop production, expanded government financing programs and favorable grain prices are supporting farm equipment investments. The growing population and the shift to higher protein diets are expected to drive increases in the consumption of food and demand for grain, providing long-term support for farm income and our industry.”

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