DULUTH, Ga. (AP) — DULUTH, Ga. (AP) — Agco Corp. (AGCO) on Thursday reported first-quarter profit of $10.5 million.
The Duluth, Georgia-based company said it had profit of 14 cents per share. Earnings, adjusted for restructuring costs and amortization costs, were 41 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The farm equipment maker posted revenue of $2.05 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $2.02 billion.
Agco expects full-year earnings to be $4 to $4.50 per share, with revenue expected to be $9.6 billion.
Agco shares have decreased slightly more than 9% since the beginning of the year. The stock has decreased 26% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AGCO at https://www.zacks.com/ap/AGCO
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