The cyclical difficulties affecting the global primary sector have also negatively impacted Agco’s financial results in the first quarter of 2024.
The American group closed the first three months of the current year with total revenue of $2.928 billion, down 12.1 percent compared to the $3.333 billion achieved in the same period in 2023. Net income also declined, decreasing by 27.7 percent year-on-year, from $232.6 million in the first quarter of last year to $168 million in 2024.
As with other industrial groups in the sector, the drop in revenue and profits is due to a negative cyclical trend and follows a 2023 that was a record year for almost all the main players in agricultural mechanization, including Agco. This is demonstrated by the fact that the first-quarter 2024 profits, the aforementioned $168 million, are 22 percent higher than the $137 million earned by the American multinational in the first three months of 2022.
Title: Agco, There’s a Difference Between Decline and Crisis
Translation with ChatGPT
