AGCO cuts 2026 sales outlook as third-quarter demand weakens
AGCO reported third-quarter net sales of $2.3 billion, down 8.6% from a year earlier, and adjusted earnings per share of $1.05, against $1.35 a year earlier. It kept its full-year adjusted EPS outlook at about $5.50.
Key takeaways
- AGCO Corporation (AGCO) reported third-quarter 2026 net sales of $2.3 billion, down 8.6% from a year earlier. Adjusted earnings per share were $1.05, against $1.35 a year earlier. The company now expects 2026 net sales of $9.8 billion to $10.0 billion and adjusted EPS of about $5.50.
AGCO Corporation (AGCO) reported third-quarter net sales of $2.3 billion on Oct. 29, down 8.6% from the third quarter of 2025, as weak farm demand reduced sales in most regions.
The company said reported net income was 75 cents per share for the quarter. Adjusted net income was $1.05 per share, compared with $1.35 per share a year earlier.
Shares were little changed in premarket trading as of 8:29 a.m. ET, after no trade since the previous close.
Quarterly results
Here's how the company did:
- Net sales: $2.26 billion vs. $2.48 billion a year earlier
- Reported EPS: $0.75 vs. $4.09 a year earlier
- Adjusted EPS: $1.05 vs. $1.35 a year earlier
Excluding favorable currency translation of 0.1%, net sales decreased 8.7%.
CEO Eric Hansotia said in the company's release: "AGCO delivered resilient third-quarter results in what is the weakest global industry demand environment in more than a decade."
Segment results
North America net sales rose 34.8% to $485.3 million, and the segment had income from operations of $13.8 million, compared with a loss of $42.0 million a year earlier. The company said that result included about $13.0 million of IEEPA tariff refunds.
Europe/Middle East net sales fell 19.1% to $1.31 billion. Income from operations was $115.1 million lower than a year earlier, the company said.
Latin America net sales fell 15.4% to $292.3 million. Asia/Pacific/Africa net sales rose 13.8% to $178.8 million.
Full-year outlook
The company said it expects 2026 net sales of $9.8 billion to $10.0 billion, against its previous forecast of $10.1 billion to $10.2 billion given on July 30. It expects adjusted operating margin of about 7.0%, against about 7.5% previously, and adjusted EPS of approximately $5.50, within the $5.50 to $5.75 range it gave on July 30.
The company said the estimates reflect tariff policies as of Oct. 29 and that changes to tariffs could affect them.
Cash and balance sheet
Net cash used in operating activities was $218.4 million for the nine months ended Sept. 30, compared with $224.5 million of cash provided a year earlier. Cash and cash equivalents were $415.1 million at Sept. 30, down from $861.8 million at Dec. 31, 2025, according to the company's filing.
The company said it bought back and retired $403.7 million of common stock in the first nine months of 2026.