In reporting its results for the first quarter ended March 31, 2023, AGCO said strong product demand has resulted in an elevated number of orders that could result in a 3-5% increase in production hours for 2023.
AGCO reported its earnings for the full year 2022 on Feb. 7, showing a record $12.65 billion in total revenue, $2.12 billion in South America revenue and $369.8 million in “work in process” (WIP) inventories.
AGCO's net sales for the first quarter were approximately $2.7 billion, an increase of approximately 12.9% compared to the first quarter of 2021. Excluding unfavorable currency translation impacts of approximately 5.0%, net sales in the first quarter of 2022 increased approximately 17.9% compared to the first quarter of 2021.
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