Rochester, NY 7/30/2009 2:19:10 AM
AGCO CP - AGCO, Fighting Hard But Farming Expectations Forecast to be Lower
AGCO Corp
There is both a local economy and global economy, it is the global economy that is uncertain about the market and with that comes the forecast that demand for agriculture/farm equipment will likely decline for the rest of this year.
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AGCO Corp beats by $0.09, the first call concensus of $0.55. but the company is struggling with 25.1% lower yearly revenues, falling to $1.8 billion in contrast to the $1.75 billion street consensus.
On the home front the reduction will likely happen in the lower end of the tractor market. While south of the equator, with it's drier weather and less farming acreage overall crop prodution is expected to be significantly lower. Europe in general has lower income in the farming sector and this will likely reduce farm/agriculture related sales. The weakest markets are in Russia, and Eastern Europe.
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