UPDATE: Agco Reports 35% Surge In Q3 Profit, Lifts Full-Year Forecast
Agco Corp (NYSE: AGCO) reported a 35% rise in its third-quarter profit and lifted its full-year forecast.
Agco lifted its full-year profit forecast to $4.30 per share on revenue of $8.7 billion to $8.8 billion, versus its earlier forecast of $4 per share on revenue of $8.5 billion to $8.7 billion.
Agco reported its quarterly profit at $84.4 million, or $0.87 per share, up from $62.3 million, or $0.65 per share, in the year-ago period. Its net sales gained 27% to $2.1 billion. However, analysts were expecting earnings of $0.75 per share on revenue of $2.02 billion.
Agco shares closed at $41.59 yesterday.
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