- Net sales of
$2.3 billion , up 14.3% year-over-year - Reported earnings per share of
$0.76 and adjusted earnings per share(1) of$0.94 - Full-year adjusted earnings per share outlook increased to approximately
$6.00 - Regular quarterly dividend increased to
$0.30 per share -
$350 million in share repurchases to commence in the second quarter of 2026
"AGCO delivered healthy first‑quarter sales and margin results, reflecting disciplined execution in a demanding agricultural market and dynamic global environment," said
Hansotia continued, "The first quarter results demonstrate a resilient earnings profile, a solid margin structure and positive momentum from our multi‑year structural transformation that reinforce our confidence in our strategy which is delivering increased value to our shareholders underscored by our increased quarterly dividend and next phase of share repurchases. As we progress through 2026, we remain firmly focused on executing our Farmer‑First strategy with a strong innovation pipeline and continued cost discipline to support healthy cash generation, positioning AGCO to navigate ongoing subdued demand and deliver improved performance as market fundamentals recover while keeping farmers at the center of everything we do."
First Quarter Highlights
- Reported regional sales results(2):
Europe /Middle East ("EME") +20.3%,North America +10.0%,Latin America ("LATAM") (17.3)%,Asia/Pacific /Africa ("APA") +31.2% - Constant currency regional sales results(1)(2)(3): EME +9.0%,
North America +9.0%, LATAM (30.3)%, APA +20.9% - Regional operating margin performance: EME 16.2%,
North America (12.5)%, LATAM (19.3)%, APA 3.2% - The Company plans to initiate
$350 million in share repurchases in the second quarter of 2026 - The Company's Board of Directors approved an increase in the Company's regular quarterly dividend to
$0.30 per share, from$0.29 per share
|
(1) See reconciliation of non-GAAP measures in appendix. |
|
(2) As compared to first quarter 2025. |
|
(3) Excludes currency translation impact. |
Today the Company is also announcing the strategic evolution of its long-standing AGCO Finance
Market Update
|
|
|
Industry Unit Retail Sales |
||
|
|
|
Tractors |
|
Combines |
|
Three Months Ended |
|
Change from Prior Year Period |
|
Change from Prior Year Period |
|
|
|
(8) % |
|
(7) % |
|
|
|
(10) % |
|
(38) % |
|
|
|
7 % |
|
(5) % |
|
|
|
(4) Excludes compact tractors. |
|
(5) Based on Company estimates. |
Hansotia concluded, "Global agricultural markets entered 2026 with heightened focus on cost management and productivity, particularly for crop‑focused producers operating with tight margins as corn, soybean and wheat prices are near breakeven levels amid ample global supplies and evolving geopolitical and trade dynamics. Developments in the
North American industry retail tractor sales were 8% lower in the first three months of 2026 compared to the same period in 2025 with the most pronounced declines occurring in higher horsepower categories. Combine unit sales were 7% lower year-over-year during the same period. Current farm economics, evolving grain export demand and elevated input costs are expected to continue to pressure industry demand throughout 2026, particularly for larger equipment.
Regional Results
AGCO
Regional
|
Three Months Ended |
|
2026 |
|
2025 |
|
% change |
|
% change |
|
% change |
|
|
|
$ 406.4 |
|
$ 369.5 |
|
10.0 % |
|
1.0 % |
|
9.0 % |
|
LATAM(7) |
|
211.7 |
|
256.0 |
|
(17.3) % |
|
13.0 % |
|
(30.3) % |
|
EME |
|
1,600.8 |
|
1,330.5 |
|
20.3 % |
|
11.3 % |
|
9.0 % |
|
APA |
|
124.0 |
|
94.5 |
|
31.2 % |
|
10.3 % |
|
20.9 % |
|
Total |
|
$ 2,342.9 |
|
$ 2,050.5 |
|
14.3 % |
|
9.6 % |
|
4.7 % |
|
|
|
|
(6) |
See footnotes for additional disclosures. |
|
(7) |
Note: Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in |
North American net sales increased 9.0% during the first quarter of 2026 compared to the first quarter of 2025, excluding the impact of favorable currency translation. Higher unit sales compared to the prior year supported the increase in sales. The most significant sales increases occurred in high-horsepower tractors, hay tools and sprayers. Income from operations for the first quarter of 2026 was
Net sales in the Latin American region were 30.3% lower during the first quarter of 2026 compared to the first quarter of 2025, excluding the impact of favorable currency translation. Softer industry demand resulted in lower sales across all product categories. Income from operations for the first quarter of 2026 was
Net sales in the
Outlook
AGCO's net sales for 2026 are expected to range from
* * * * *
AGCO will host a conference call for this earnings announcement at
* * * * *
Safe Harbor Statement
Statements that are not historical facts, including the projections of earnings per share, production levels, sales, industry demand, market conditions, commodity prices, currency translation, farm income levels, margin levels, strategy, investments in product and technology development, new product introductions, restructuring and other cost reduction initiatives, production volumes, tax rates and general economic conditions, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. The following are among the factors that could cause actual results to differ materially from the results discussed in or implied by the forward-looking statements.
- Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, adverse weather, tariffs, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us.
- We maintain an independent dealer and distribution network in the markets where we sell products. The financial and operational capabilities of our dealers and distributors are critical to our ability to compete in these markets. Higher inventory levels at our dealers and high utilization of dealer credit limits as well as the financial health of our dealers could negatively impact future sales and adversely impact our performance.
- On
April 1, 2024 , we completed the acquisition of the ag assets and technologies of Trimble through the formation of a joint venture, PTx Trimble, of which we own 85%. Financing the PTx Trimble transaction significantly increased our indebtedness and interest expense. We also have made various assumptions relating to the acquisition that may not prove to be correct, and we may fail to realize all of the anticipated benefits of the acquisition. All acquisitions involve risk, and there is no certainty that the acquired business will operate as expected. Each of these items, as well as similar acquisition-related items, would adversely impact our performance. - A majority of our sales and manufacturing takes place outside
the United States , and many of our sales involve products that are manufactured in one country and sold in a different country. As a result, we are exposed to risks related to foreign laws, taxes and tariffs, trade restrictions, economic conditions, labor supply and relations, political conditions and governmental policies. The global trade landscape continues to be highly volatile. In 2025, theU.S. government implemented a series of tariffs on goods imported intothe United States from various countries, and in many cases these measures resulted in reciprocal tariffs and other actions on goods exported fromthe United States . These tariffs and related actions are complex and continue to evolve as trade negotiations occur. InFebruary 2026 , theU.S. Supreme Court ruled that the International Emergency Economic Powers Act ("IEEPA"), which theU.S. government had relied on to impose certain tariffs, does not authorize the administration to impose such tariffs. Following that decision, onMarch 4, 2026 , theU.S. Court of International Trade ("CIT") orderedU.S. Customs and Border Protection ("CBP") to process refunds of tariffs imposed under IEEPA, and onMarch 27, 2026 , the CIT issued an amended order expanding the scope of entries subject to reliquidation. OnApril 20, 2026 , theConsolidated Administration and Processing of Entries system opened for the first phase of refund filings. We have submitted certain refund claims under this initial phase; however, these claims remain subject to CBP review, and we cannot predict the timing, amount or ultimate collectability of any refunds to which we may be entitled. The IEEPA tariffs remain subject to ongoing litigation, and the administration has announced plans to implement new tariffs under alternative statutory authority. As a result, the timing and extent of any refunds, the structure and scope of any new tariffs and the overall tariff framework remain uncertain and could create significant risks for our business. Depending on the countries affected, increases in tariffs have raised, and may continue to raise, the costs of inputs used in manufacturing our products, which in turn has impacted, and may further impact, our cost of goods sold. In addition, higher tariffs may lead to increased after‑tariff sales prices for the products we sell. Additionally, the economic uncertainty caused by the tariffs may result in customers delaying planned purchases of products and services. While impacts of the tariffs may be partially mitigated by the fact that a majority of our sales and manufacturing takes place outsidethe United States , there can be no guarantee that we will be able to fully offset the impact of existing or future tariffs through pricing, sourcing changes or other measures. Furthermore, retaliatory tariffs imposed by other countries on our exported products could negatively affect our sales and marketplace access in those countries. The economic uncertainty caused by these tariffs and related trade policy developments, together with uncertainty regarding their enforceability, continuation or modification, has adversely impacted, and is expected to continue to adversely impact, our sales. - We cannot predict or control the impact of the conflict in
Ukraine or theMiddle East on our business. These conflicts have already driven increased volatility across global energy, logistics and input markets, leading to higher fuel, fertilizer, transportation and input costs, as well as general uncertainty for farmers. There is a potential for natural gas shortages, as well as shortages in other energy sources, throughoutEurope , which could negatively impact our production inEurope both directly and through interrupting the supply of parts and components that we use. It is unclear how long these conditions will continue, or whether they will worsen, and what the ultimate impact on our performance will be. In addition, AGCO sells products in, and purchases parts and components from, other regions where there could be hostilities. Any hostilities likely would adversely impact our performance. - Most retail sales of the products that we manufacture are financed, either by our joint ventures with
Rabobank or by a bank or other private lender. Our joint ventures withRabobank , which are controlled byRabobank and are dependent uponRabobank for financing as well, finance approximately 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty byRabobank to continue to provide that financing, or any business decision byRabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. In addition,Rabobank also is the lead lender in our revolving credit facility and term loans and for many years has been an important financing partner for us. Any interruption or other challenges in that relationship would require us to obtain alternative financing, which could be difficult. - Both AGCO and our finance joint ventures have substantial accounts receivable from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was less than optimal; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section.
- We can experience substantial and sustained volatility with respect to currency exchange rate and interest rate changes, which can adversely affect our reported results of operations and the competitiveness of our products.
- Our success depends on the introduction of new products, particularly engines that comply with emission requirements and sustainable smart farming technology, which require substantial expenditures; there is no certainty that we can develop the necessary technology or that the technology that we develop will be attractive to farmers or available at competitive prices.
- Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks.
- Our business is increasingly subject to regulations relating to privacy and data protection, and if we violate any of those regulations, or otherwise are the victim of a cyberattack, we could be subject to significant claims, penalties and damages.
- Cybersecurity breaches including ransomware attacks and other means are rapidly increasing. We continue to review and improve our safeguards to minimize our exposure to future attacks. However, there always will be the potential of the risk that a cyberattack will be successful and will disrupt our business, either through shutting down our operations, destroying data, exfiltrating data or otherwise.
- We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. In addition, the potential of future natural gas shortages in
Europe , as well as predicted overall shortages in other energy sources, could also negatively impact our production and that of our supply chain in the future. There can be no assurance that there will not be future disruptions. - Any future pandemics could negatively impact our business through reduced sales, facilities closures, higher absentee rates and reduced production at both our plants and the plants that supply us with parts and components. In addition, logistical and transportation-related issues and similar problems may also arise.
- We have previously experienced significant inflation in a range of costs, including for parts and components, shipping and energy. While we have been able to pass along most of those costs through increased prices, there can be no assurance that we will be able to continue to do so. If we are not, it will adversely impact our performance.
- We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and performance would decline.
- We have a substantial amount of indebtedness (and have incurred additional indebtedness as part of the PTx Trimble joint venture transaction), and, as a result, we are subject to certain restrictive covenants and payment obligations, as well as increased leverage generally, that may adversely affect our ability to operate and expand our business.
Further information concerning these and other factors is included in AGCO's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended
* * * * *
About AGCO
AGCO (NYSE: AGCO) is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt™, Massey Ferguson™, PTx™ and Valtra™. AGCO's high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. For more information, visit www.agcocorp.com.
# # # # #
|
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in millions)
|
|||
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current Assets: |
|
|
|
|
Cash and cash equivalents |
$ 514.9 |
|
$ 861.8 |
|
Accounts and notes receivable, net |
1,242.3 |
|
1,079.4 |
|
Inventories, net |
3,001.8 |
|
2,709.3 |
|
Other current assets |
579.2 |
|
545.6 |
|
Total current assets |
5,338.2 |
|
5,196.1 |
|
Property, plant and equipment, net |
1,954.8 |
|
1,996.2 |
|
Right-of-use lease assets |
159.4 |
|
167.3 |
|
Investments in affiliates |
628.1 |
|
609.9 |
|
Deferred tax assets |
932.2 |
|
905.5 |
|
Other assets |
474.6 |
|
481.0 |
|
Intangible assets, net |
663.0 |
|
673.0 |
|
|
1,890.6 |
|
1,898.8 |
|
Total assets |
$ 12,040.9 |
|
$ 11,927.8 |
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY |
|||
|
Current Liabilities: |
|
|
|
|
Borrowings due within one year |
$ 555.5 |
|
$ 117.7 |
|
Accounts payable |
1,121.5 |
|
951.0 |
|
Accrued expenses |
2,267.2 |
|
2,538.7 |
|
Other current liabilities |
184.1 |
|
121.7 |
|
Total current liabilities |
4,128.3 |
|
3,729.1 |
|
Long-term debt, less current portion and debt issuance costs |
2,018.7 |
|
2,323.1 |
|
Operating lease liabilities |
115.9 |
|
122.1 |
|
Pension and postretirement health care benefits |
167.8 |
|
169.2 |
|
Deferred tax liabilities |
123.7 |
|
126.5 |
|
Other noncurrent liabilities |
894.5 |
|
885.1 |
|
Total liabilities |
7,448.9 |
|
7,355.1 |
|
Redeemable noncontrolling interests |
295.5 |
|
299.2 |
|
Stockholders' Equity: |
|
|
|
|
Preferred stock |
— |
|
— |
|
Common stock |
0.7 |
|
0.7 |
|
Additional paid-in capital |
— |
|
0.5 |
|
Retained earnings |
6,032.2 |
|
6,047.2 |
|
Accumulated other comprehensive loss |
(1,736.4) |
|
(1,774.9) |
|
Total stockholders' equity |
4,296.5 |
|
4,273.5 |
|
Total liabilities, redeemable noncontrolling interests and stockholders' equity |
$ 12,040.9 |
|
$ 11,927.8 |
|
See accompanying notes to condensed consolidated financial statements. |
|||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in millions, except per share data)
|
|||
|
|
Three Months Ended |
||
|
|
2026 |
|
2025 |
|
Net sales |
$ 2,342.9 |
|
$ 2,050.5 |
|
Cost of goods sold |
1,761.5 |
|
1,529.9 |
|
Gross profit |
581.4 |
|
520.6 |
|
Operating expenses: |
|
|
|
|
Selling, general and administrative expenses |
339.1 |
|
325.8 |
|
Engineering expenses |
132.6 |
|
116.0 |
|
Amortization of intangibles |
16.9 |
|
15.3 |
|
Impairment charges |
2.1 |
|
1.1 |
|
Restructuring and business optimization expenses |
10.0 |
|
13.0 |
|
Income from operations |
80.7 |
|
49.4 |
|
Interest expense, net |
15.2 |
|
18.5 |
|
Other expense, net |
26.5 |
|
32.3 |
|
Income (loss) before income taxes and equity in net earnings of affiliates |
39.0 |
|
(1.4) |
|
Income tax provision |
4.6 |
|
2.0 |
|
Income (loss) before equity in net earnings of affiliates |
34.4 |
|
(3.4) |
|
Equity in net earnings of affiliates |
18.0 |
|
12.1 |
|
Net income |
52.4 |
|
8.7 |
|
Net loss attributable to noncontrolling interests |
2.6 |
|
1.8 |
|
Net income attributable to |
$ 55.0 |
|
$ 10.5 |
|
Net income per common share attributable to |
|
|
|
|
Basic |
$ 0.76 |
|
$ 0.14 |
|
Diluted |
$ 0.76 |
|
$ 0.14 |
|
Cash dividends declared and paid per common share |
$ 0.29 |
|
$ 0.29 |
|
Weighted average number of common and common equivalent shares outstanding: |
|
|
|
|
Basic |
72.5 |
|
74.6 |
|
Diluted |
72.7 |
|
74.7 |
|
See accompanying notes to condensed consolidated financial statements. |
|||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in millions)
|
|||
|
|
Three Months Ended |
||
|
|
2026 |
|
2025 |
|
Cash flows from operating activities: |
|
|
|
|
Net income |
$ 52.4 |
|
$ 8.7 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
|
Depreciation |
66.7 |
|
60.5 |
|
Amortization of intangibles |
16.9 |
|
15.3 |
|
Stock compensation expense |
10.4 |
|
7.3 |
|
Impairment charges |
2.1 |
|
1.1 |
|
Equity in net earnings of affiliates, net of cash received |
(18.0) |
|
(12.1) |
|
Deferred income tax benefit |
(23.6) |
|
(27.3) |
|
Other |
4.0 |
|
6.6 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts and notes receivable, net |
(177.1) |
|
44.7 |
|
Inventories, net |
(284.1) |
|
(149.4) |
|
Other current and noncurrent assets |
(24.0) |
|
2.5 |
|
Accounts payable |
202.3 |
|
177.9 |
|
Accrued expenses |
(254.2) |
|
(384.9) |
|
Other current and noncurrent liabilities |
15.8 |
|
36.9 |
|
Total adjustments |
(462.8) |
|
(220.9) |
|
Net cash used in operating activities |
(410.4) |
|
(212.2) |
|
Cash flows from investing activities: |
|
|
|
|
Purchases of property, plant and equipment |
(44.6) |
|
(48.2) |
|
Proceeds from sale of property, plant and equipment |
0.1 |
|
1.1 |
|
Investments in unconsolidated affiliates, net |
(8.5) |
|
(0.1) |
|
Other |
(12.6) |
|
(4.1) |
|
Net cash used in investing activities |
(65.6) |
|
(51.3) |
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from indebtedness |
187.2 |
|
531.2 |
|
Repayments of indebtedness |
(31.5) |
|
(297.0) |
|
Payment of dividends to stockholders |
(21.0) |
|
(21.6) |
|
Payment of minimum tax withholdings on stock compensation |
(4.6) |
|
(7.4) |
|
Net cash provided by financing activities |
130.1 |
|
205.2 |
|
Effects of exchange rate changes on cash, cash equivalents and restricted cash |
(1.0) |
|
8.2 |
|
Decrease in cash, cash equivalents and restricted cash |
(346.9) |
|
(50.1) |
|
Cash, cash equivalents and restricted cash, beginning of period |
861.8 |
|
612.7 |
|
Cash, cash equivalents and restricted cash, end of period |
$ 514.9 |
|
$ 562.6 |
|
See accompanying notes to condensed consolidated financial statements. |
|||
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions)
1. SEGMENT REPORTING
The Company has four operating segments which are also its reportable segments which consist of the
|
Three Months Ended |
|
North |
|
Latin |
|
|
|
|
|
Total |
|
2026 |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ 406.4 |
|
$ 211.7 |
|
$ 1,600.8 |
|
$ 124.0 |
|
$ 2,342.9 |
|
Cost of goods sold |
|
338.1 |
|
203.9 |
|
1,119.5 |
|
100.0 |
|
1,761.5 |
|
Selling, general and administrative expenses |
|
82.2 |
|
36.0 |
|
142.1 |
|
17.4 |
|
277.7 |
|
Engineering expenses |
|
37.1 |
|
12.7 |
|
80.2 |
|
2.6 |
|
132.6 |
|
Income (loss) from operations |
|
$ (51.0) |
|
$ (40.9) |
|
$ 259.0 |
|
$ 4.0 |
|
$ 171.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ 369.5 |
|
$ 256.0 |
|
$ 1,330.5 |
|
$ 94.5 |
|
$ 2,050.5 |
|
Cost of goods sold |
|
275.6 |
|
205.1 |
|
970.9 |
|
78.3 |
|
1,529.9 |
|
Selling, general and administrative expenses |
|
84.8 |
|
34.2 |
|
135.2 |
|
16.4 |
|
270.6 |
|
Engineering expenses |
|
33.3 |
|
10.2 |
|
70.0 |
|
2.5 |
|
116.0 |
|
Income (loss) from operations |
|
$ (24.2) |
|
$ 6.5 |
|
$ 154.4 |
|
$ (2.7) |
|
$ 134.0 |
A reconciliation from the segment information to the consolidated balances for income from operations is set forth below (in millions):
|
|
Three Months Ended |
||
|
|
2026 |
|
2025 |
|
Segment income from operations |
$ 171.1 |
|
$ 134.0 |
|
Impairment charges |
(2.1) |
|
(1.1) |
|
Corporate expenses |
(51.1) |
|
(48.1) |
|
Amortization of intangibles |
(16.9) |
|
(15.3) |
|
Stock compensation expense |
(10.3) |
|
(7.1) |
|
Restructuring and business optimization expenses |
(10.0) |
|
(13.0) |
|
Consolidated income from operations |
$ 80.7 |
|
$ 49.4 |
RECONCILIATION OF NON-GAAP MEASURES
This earnings release discloses adjusted income from operations, adjusted operating margin, adjusted net income, adjusted net income per share and net sales on a constant currency basis, each of which excludes amounts that are typically included in the most directly comparable measure calculated in accordance with
The following is a reconciliation of reported income from operations, net income attributable to AGCO and net income per share attributable to AGCO to adjusted income from operations, adjusted net income and adjusted net income per share for the three months ended
|
|
Three Months Ended |
||||||||||
|
|
2026 |
|
2025 |
||||||||
|
|
Income From |
|
Net |
|
Net Income |
|
Income From |
|
Net |
|
Net Income |
|
As reported |
$ 80.7 |
|
$ 55.0 |
|
$ 0.76 |
|
$ 49.4 |
|
$ 10.5 |
|
$ 0.14 |
|
Restructuring and business optimization expenses(2) |
10.0 |
|
8.4 |
|
0.12 |
|
13.0 |
|
9.7 |
|
0.13 |
|
Amortization of PTx Trimble acquired intangibles(3) |
14.4 |
|
11.1 |
|
0.15 |
|
12.8 |
|
7.6 |
|
0.10 |
|
Transaction-related costs(4) |
0.2 |
|
— |
|
— |
|
7.1 |
|
2.0 |
|
0.03 |
|
Impairment charges(5) |
2.1 |
|
2.1 |
|
0.03 |
|
1.1 |
|
1.1 |
|
0.01 |
|
Discrete tax items(6) |
— |
|
(8.5) |
|
(0.12) |
|
— |
|
— |
|
— |
|
As adjusted |
$ 107.4 |
|
$ 68.1 |
|
$ 0.94 |
|
$ 83.4 |
|
$ 30.9 |
|
$ 0.41 |
|
____________________________________ |
|
|
(1) |
Net income and net income per share amounts are after tax. |
|
(2) |
The restructuring expenses recorded during the three months ended |
|
(3) |
Amortization of intangibles related to intangibles acquired as part of the Company's acquisition of PTx Trimble. |
|
(4) |
The transaction-related costs recorded during the three months ended |
|
(5) |
The impairment charges recorded during the three months ended |
|
(6) |
During the three months ended |
The following is a reconciliation of adjusted operating margin for the three months ended
|
|
|
Three Months Ended |
||
|
|
|
2026 |
|
2025 |
|
Net sales |
|
$ 2,342.9 |
|
$ 2,050.5 |
|
|
|
|
|
|
|
Income from operations |
|
80.7 |
|
49.4 |
|
Adjusted income from operations(1) |
|
$ 107.4 |
|
$ 83.4 |
|
Operating margin(2) |
|
3.4 % |
|
2.4 % |
|
Adjusted operating margin(2) |
|
4.6 % |
|
4.1 % |
|
__________________________________ |
|
|
(1) |
Refer to the previous table for the reconciliation of income from operations to adjusted income from operations. |
|
(2) |
Operating margin is defined as the ratio of income from operations divided by net sales. Adjusted operating margin is defined as the ratio of adjusted income from operations divided by net sales. |
The Company does not provide a quantitative reconciliation of forward-looking, non-GAAP financial measures to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have a significant impact on such calculations and providing them may imply a degree of precision that would be confusing or potentially misleading.
The following table sets forth, for the three months ended
|
|
Three Months Ended |
|
Change due to currency |
||||||
|
|
2026 |
|
2025 |
|
% change |
|
$ |
|
% |
|
|
$ 406.4 |
|
$ 369.5 |
|
10.0 % |
|
$ 3.7 |
|
1.0 % |
|
|
211.7 |
|
256.0 |
|
(17.3) % |
|
33.4 |
|
13.0 % |
|
|
1,600.8 |
|
1,330.5 |
|
20.3 % |
|
150.6 |
|
11.3 % |
|
|
124.0 |
|
94.5 |
|
31.2 % |
|
9.7 |
|
10.3 % |
|
|
$ 2,342.9 |
|
$ 2,050.5 |
|
14.3 % |
|
$ 197.4 |
|
9.6 % |
|
_________________________________ |
|
|
(1) |
Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in |
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SOURCE
