VANCOUVER, BC (August 4, 2011) Dominion Lending Centres Clearlease Reports AGCO Corporation (AGCO) has reported August 3, 2011 that fiscal 2011 second quarter results, delivering an EPS of $1.36 versus 66 cents in the year-earlier quarter. The quarter noted some special items, excluding which adjusted EPS amounted to $1.35 versus 66 cents in the year-ago quarter.
Total revenue in the reported quarter increased 35.3% year over year to $2.4 billion. Included in the sales was a currency translation impact of 12.9%, excluding which sales increased 22.4% in the quarter.
The EAME region reported the highest improvement in sales of about 39.5% on a year-over-year basis. The North American region reported a 5% improvement in sales, while sales in South America were more or less flat.
Costs and Margins
Cost of goods sold increased to $1870.3 million in the reported quarter from $1421.9 million in the year-ago quarter. Gross profit soared to $488.3 million from $321.1 million in the prior-year quarter. Consequently, gross margins improved 230 basis points year over year to 20.7%.
Selling, general and administrative expenses also increased to $216.5 million, from $164.8 million in the year-ago quarter. Operating income soared to $201.6 million from $96.5 million in the year-earlier quarter, thereby expanding operating margins by 300 basis points year over year to 8.5%.
Financial Position
As of June 30, 2011, cash and cash equivalents declined slightly to $573.1 million from $719.9 as of December 31, 2011.
As of June 30, 2011, the debt-to-capitalization ratio was 13.3% compared with 9.4% as of March 31, 2011 and 14.3% as of December 31, 2010.
Cash from operations improved to $101.5 million at the end of the second quarter versus $13.5 million at the end of the year-ago period.
Outlook
The company expects farm equipment to continue driving results in fiscal 2011. In Europe, market recovery is likely to drive the results in a positive direction; while North American and South American markets are expected to generate favorable results.
Based on this, AGCO is expecting adjusted EPS of $4.00 for fiscal 2011; while net sales are expected in the range of $8.5 billion to $8.7 billion.
AGCO Corporation is a leading manufacturer and distributor of agricultural equipment and related replacement parts. Its product line is categorized under five groups: tractors, replacement parts, combines, application equipment/sprayers and other machinery.
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Equipment Types: Backhoe, Skid Steer, Excavator, Telehandler, Loader, Mulcher, Skidder, Trailers, Used Equipment – All Types, Wood Chippers
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About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers Alexander Pidgeon and Rene Pidgeon. Vancouver Commercial Lending,North Vancouver Commercial Lending,West Vancouver Commercial Lending,Surrey Commercial Lending,Richmond Commercial Lending,Delta Commercial Lending,Langley Commercial Lending,Coquitlam Commercial Lending,BC Commercial Lending,Private Commercial Lending
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
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