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News Breaks
April 30, 2014
05:33 EDTAGCOAGCO downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray downgraded AGCO to Neutral citing low visibility following the company's weaker than expected Q2 results. Piper lowered its price target for shares to $62 from $67.
News For AGCO From The Last 14 Days
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July 29, 2014
10:35 EDTAGCOAGCO says Q4 to be level to last year
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10:25 EDTAGCOAGCO intends to continue to buyback shares in 2H14
10:20 EDTAGCOAGCO sees Q3 EPS 75c-80c
May not compare to Q3 EPS consensus $1.29. Says L-T agricultural fundamentals are 'solid.' Says demand in Brazil has been negatively impacted by government funding delays. Sees Q3 production volume to be down about 10%. Says lowered FY14 industry unit retail tractor sales forecasts across North America, South America and Western Europe. Says assuming more normal weather conditions, the company is looking for some recovery in the U.K. and parts of Europe for the segment. Expects to hold gross margin at FY13 levels. Says Q3 sales volume are expected to decrease. Comments taken from the company's Q2 earnings conference call.
09:22 EDTAGCOAGCO sees 'strong' cash flow generation in U.S. in FY14
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08:03 EDTAGCOAGCO sees FY14 EPS approximately $5.00, consensus $5.45
Sees FY14 revenues $10.1B-$10.3B, consensus $10.36B. The company said, "The negative impact of lower sales and production volumes on gross margins, increased engineering expenditures to meet Tier 4 final emission requirements and market development expenses are expected to be partially offset by improved productivity and cost reduction initiatives. We are balancing near-term cost reductions with continued investment in longer-term growth initiatives. We remain positioned to focus on operational improvements and additional investment in new products. The short-term cost reduction actions and production cuts should see us through the current market softness, while our strategic investments should position us for profitable growth as market conditions improve.
08:01 EDTAGCOAGCO reports Q2 EPS $1.77, consensus $1.69
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