World Grain - December 2020 - 66

SUPPLIER NEWS

AGCO's net income increases in third quarter
DULUTH, GEORGIA, US - With sales growth and margin
expansion across all regions, AGCO said reported and adjusted net income increased to $2.09 per share for the third
quarter ended Sept. 30. That compares to $0.10 per share in
the same quarter a year ago.
Net sales were up 18.4% from a year ago to $2.5 billion.
" Our focused operational performance allowed us to ramp
up production and recover from supply chain interruptions
experienced in the second quarter, " said Martin Richenhagen,
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³'XULQJ WKH WKLUG TXDUWHU ZH PDGH VLJQL¿FDQW SURJUHVV WRZDUGIXO¿OOLQJRXUVWURQJRUGHUERDUGZKLOHUHGXFLQJGHDOHU
and company inventory levels. We have strong order boards
heading into the fourth quarter. However, we still face a demanding environment to manage our manufacturing, supply
chain and aftermarket operations. "
1HW VDOHV IRU WKH ¿UVW QLQH PRQWKV RI  ZHUH DSSUR[Lmately $6.4 billion, a decrease of approximately 1.5% compared with the same period in 2019. Excluding unfavorable
currency translation impacts of approximately 3.1%, net sales
IRU WKH ¿UVW QLQH PRQWKV RI  LQFUHDVHG DSSUR[LPDWHO\
1.6% compared with the same period in 2019.
)RUWKH¿UVWQLQHPRQWKVRIUHSRUWHGQHWLQFRPHZDV
$3.86 per share, and adjusted net income, excluding a noncash impairment charge and restructuring expenses was $4.06
per share. These results compare to reported net income of
$2.77 per share, and adjusted net income, excluding a noncash deferred income tax adjustment and restructuring exSHQVHVRISHUVKDUHIRUWKH¿UVWQLQHPRQWKVRI
" Harvests are progressing ahead of schedule in the northern
hemisphere and global crop production is on track for a record
year despite the ongoing COVID-19 pandemic, " Richenhagen
said. " Global grain consumption is recovering, consistent with
improving economic activities and increased grain exports to
China. Following reduced forecasts for ending grain inventories, soft commodity prices have risen in the third quarter,
which is positive for farm economics. "
AGCO's North American net sales increased 3.1% in the
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2019, excluding the negative impact of currency translation.
Net sales in the South American region increased 30% in the
¿UVWQLQHPRQWKVRIFRPSDUHGWRWKH¿UVWQLQHPRQWKVRI
Alapala opens innovation, education center
ISTANBUL, TURKEY - Alapala Academy and Innovation
Center has started its operation as a part of Alapala's research
and development center.
The innovation center has the latest milling equipment technology, which will help customers experience Alapala's grain
milling solutions and provide customer detailed training.
The center includes:
x Testing the product performance and determining the
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66

2019, excluding the impact of unfavorable currency translation. Increased sales in Brazil and Argentina were partially
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AGCO's Europe/Middle East net sales decreased 3.6% in
WKH¿UVWQLQHPRQWKVRIFRPSDUHGZLWKWKHVDPHSHULod in 2019, excluding unfavorable currency translation impacts. Sales declines primarily were driven by lower production caused by the impacts from the COVID-19 crisis. All of
AGCO's major European production facilities were suspended due to supply availability from late March throughout most
of April. Production and sales volumes increased substantially
LQWKHWKLUGTXDUWHUZKLFKR൵VHWDSRUWLRQRIWKHORZVHFRQG
quarter output. Despite improved results in the third quarter,
income from operations declined approximately $77.7 million
LQWKH¿UVWQLQHPRQWKVRIFRPSDUHGZLWKWKHVDPHSHriod in 2019, due to lower net sales and production volumes,
SDUWLDOO\R൵VHWE\H[SHQVHUHGXFWLRQV
$VLD3DFL¿F$IULFD QHW VDOHV LQFUHDVHG  H[FOXGLQJ
WKH QHJDWLYH LPSDFW RI FXUUHQF\ WUDQVODWLRQ LQ WKH ¿UVW QLQH
months of 2020 compared with the same period in 2019.
+LJKHU VDOHV LQ$XVWUDOLD DQG &KLQD ZHUH SDUWLDOO\ R൵VHW E\
declines in Africa and Southeast Asia.
Net sales in 2020 are expected to be approximately $8.9 bilOLRQUHÀHFWLQJUHODWLYHO\ÀDWHQGPDUNHWGHPDQGWKHXQIDYRUDEOH
LPSDFWRIFXUUHQF\WUDQVODWLRQR൵VHWE\WKHEHQH¿WRISRVLWLYH
pricing. Adjusted operating margins are expected to be improved
from 2019 levels due to positive pricing and expense reductions.
Based on these assumptions, 2020 adjusted net income per
share, excluding the impact of restructuring expenses and the
non-cash goodwill impairment charge, is targeted at approximately $5.

x

Obtaining more information from the SCADA system
using MIS software.
x 'HYHORSPHQW RI QHZ SURGXFWV DQG SURFHVVHV VSHFL¿cally in line with customer needs and requests.
x 5HDO IDFWRU\VFDOH WHVWLQJ DQG YHUL¿FDWLRQ RI WKH LPprovements will be carried out.
*|UNHP$ODSDODFKLHIH[HFXWLYHR൶FHUVDLGLWLVRIJUHDW
importance to lead the way under the roof of the R&D Center,
which became operational last year.
December 2020 / World Grain / www.World-Grain.com


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World Grain - December 2020

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