AGCO of Duluth, Georgia, reported net sales of about $2.0 billion for its second quarter ended June 30, a decline of 17.2 per cent from the same quarter last year.
Net income from operations was halved from about $200 million to $97 million.
Martin Richenhagen, AGCO’s chairman, president and chief executive officer tried to put a brave face on the results in the face of COVID-10, saying. “we’ve had good success with these efforts to this point, and I would like to thank our employees around the world for finding innovative solutions to keep our business running effectively and to support our customers.
“Our second quarter results demonstrated strong execution as we overcame COVID-19 related production disruptions in Europe and South America in order to deliver a solidly profitable quarter.
“While all our factories are now open with strong order boards heading into second half of 2020, we still face a demanding environment to manage our manufacturing, supply chain and aftermarket operations.
“AGCO’s priorities throughout the COVID-19 crisis continues to be the safety of our employees while serving our dealers and the world’s farmers as they maintain the global food supply,” he said.
The company’s main brands are Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® smart farming solutions.
