AGCO Corp's stock plummeted 6.04% during intraday trading on Tuesday, despite the company reporting better-than-expected first-quarter results.

The agricultural equipment manufacturer reported adjusted earnings of $0.94 per share, significantly above the $0.44 estimate, with revenue rising 14.3% to $2.34 billion, also exceeding expectations. The company also raised its full-year adjusted EPS outlook to approximately $6.00.

However, the sharp decline was driven by concerns over widening operating losses in North America, which reached $51.0 million due to tariff-related costs. This challenge in a key market overshadowed the strong overall earnings performance and raised questions about near-term profitability pressures.