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%.
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.
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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