AGCO, Your Agriculture Company, a worldwide manufacturer and distributor of agricultural equipment, reported net sales of approximately $2.4 billion for the first quarter of 2013, an increase of approximately 5.7% compared to net sales of $2.3 billion for the first quarter of 2012. Net income for the first quarter of 2013 was $1.19 per share. These results compare to net income of $1.21 per share for the first quarter of 2012. Excluding unfavorable currency translation impacts of approximately 2.7%, net sales in the first quarter of 2013 increased approximately 8.4% compared to the first quarter of 2012.

First Quarter Highlights

“AGCO delivered healthy sales growth in the first quarter and exceeded its first quarter operating margin targets,” stated Martin Richenhagen, Chairman, President and Chief Executive Officer. “We benefited from strong market demand in North and South America as well as from our margin improvement initiatives focused on purchasing actions and factory productivity. In addition, production rates at our new Fendt assembly facility in Germany increased to normal levels during the first quarter. As expected, sales mix and Fendt productivity negatively impacted EAME’s first quarter operating margins; however, we remain on track to deliver significant EAME margin improvement for the full year of 2013.”