AGCO Corporation up 7.2% on Strong Earnings and Guidance

AGCO Corporation AGCO is trading higher on the session following its Q1 earnings and full year guidance announcements. The company reported an EPS of $1.21 vs $0.86 estimates and revenues of $2.27 billion vs $2.06 billion estimate. AGCO guided 2012 EPS $5.50 vs $5.00 prior guidance and $5.08. Martin Richenhagen, Chairman, President and Chief Executive Officer stated: “AGCO's strong performance in the first quarter produced record sales and earnings. We capitalized on improved demand in key Western European markets and continued market strength in North America while executing against our important margin improvement initiatives. Margin expansion in the first quarter was led by the Europe/Africa/Middle East (EAME) and North American regions. EAME's first quarter operating margins exceeded 11% and North American operating margins improved over 500 basis points compared to the first quarter of 2011. Our GSI acquisition was also a contributor to the positive results, particularly in North America.” AGCO Corporation is currently trading at $49.93, a gain of $3.36 or 7.21%.
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