AGCO Corporation (NYSE:AGCO) shares are trading lower after the company reported worse-than-expected second-quarter financial results results and lowered its FY24 guidance.
The company reported that the second quarter adjusted earnings per share was $2.53, missing the analyst consensus of $2.90.
Quarterly sales of $3.247 billion (down 15.1% year-over-year) missed the street view of $3.482 billion.
“While we continue to successfully execute our Farmer-first strategy, second quarter results were influenced by weakening market conditions and significant production cuts aimed at reducing …