agco corp (AGCO) Key Developments
Bayer and AGCO Collaborates with Other Partners to Launched Future Farm Project in Lusaka, Zambia
May 27 15
Bayer and AGCO, in collaboration with other partners have launched a Future Farm project in Lusaka, Zambia. The Future Farm project will focus on the development of the future farm concept and agricultural training in Zambia, by training farmers in seeding, crop projection, mechanization and food projection. The project is also aimed at driving the mutual development of community projects on the farm and in the region - with a particular focus on maize, soy and wheat. As part of the agreement, Bayer is poised to bring innovation to the project. The company will focus on providing training on pest, weed and disease identification and will also supply and provide education regarding the responsible use of crop protection remedies to both small scale and commercial farmers. Bayer will also leverage local projects and employees to bring together expertise and the partners necessary to develop the future farm training centre concept while also coordinating the agriculture value chain through targeted demonstrations and solutions. AGCO will focus on solutions, providing training on mechanization and food projection, new innovation and assist with the identification of other organizations that may participate in the project and assist with establishing an agricultural supply industry through their worldwide knowledge of agriculture.
AGCO Opens First Future Farm in Zambia
May 27 15
AGCO held an official opening ceremony of its Future Farm and Learning Center near Lusaka, Zambia. AGCO’s Future Farm vision is to support sustainable food production systems and increase farm output by using agricultural resources more efficiently. The 150-hectare farm is divided into a wide range of demonstration crop areas all cultivated, planted and harvested using AGCO’s full-line of agricultural equipment, and with support from commercial and not for profit partners from across the value chain. Its facilities will include a Mechanization Learning Center as well as a Grain and Poultry Learning Center, each for Africa.
AGCO Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of 2015
Apr 28 15
AGCO reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. The company reported net sales of approximately $1.7 billion for the first quarter of 2015, a decrease of approximately 27.0% compared to net sales of approximately $2.3 billion for the first quarter of 2014. Reported net income was $0.34 diluted per share and adjusted net income, excluding restructuring and other infrequent expenses, was $0.43 per share for the first quarter of 2015. These results compare to reported and adjusted net income diluted per share of $1.03 for the first quarter of 2014. Income from operations was $46.8 million against $155.7 million a year ago. Income before income taxes and equity in net earnings of affiliates was $26.8 million against $130.6 million a year ago. Net income attributable to AGCO Corporation and subsidiaries was $30.1 million against $99.6 million a year ago. Net cash used in operating activities was $286.0 million against $511.0 million a year ago. Purchases of property, plant and equipment was $62.9 million against $101.2 million a year ago.
For 2015, net sales are expected to range from $7.7 to $7.9 billion, reflecting the impacts of weaker market conditions and unfavorable currency translation. Gross and operating margins are expected to be below 2014 levels due to the negative impact of lower sales and production volumes along with a weaker sales mix. Based on these assumptions, 2015 earnings per share are targeted at approximately $3.00, excluding restructuring and other infrequent expenses, despite additional negative currency translation impact. Based on these assumptions, the company is targeting 2015 adjusted earnings per share of approximately $3 per share. The company expects capital expenditures to be approximately $300 million and free cash flow to be approximately $300 million. The company is targeting an effective tax rate in the range of 35% to 36% for 2015.
In the second quarter of 2015, sales and earnings per share are expected to be significantly lower than reported for the second quarter of 2014 due to lower sales and production levels discussed earlier. Second quarter earnings per share are expected to be approximately $1 per share.
AGCO Corporation Announces Quarterly Dividend, Payable on June 15, 2015
Apr 23 15
AGCO Corporation announced that its Board of Directors declared a regular quarterly dividend of $0.12 per common share to be paid on June 15, 2015 to all stockholders of record as of the close of business on May 15, 2015.
AGCO Corporation to Report Q1, 2015 Results on Apr 28, 2015
Apr 14 15
AGCO Corporation announced that they will report Q1, 2015 results at 10:00 AM, Eastern Daylight on Apr 28, 2015