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Ag Equipment Makers Post Strong 3Q Earnings
Nearly all of the publicly held companies that manufacture farm machinery reported strong financials for their most recent reporting periods. While not all of them issue outlooks for the rest of the year, their comments indicate that they’re looking for a strong finish for the remainder of 2010.
Following is a brief look at the earnings reports of selecting farm equipment manufacturers.
AGCO, Duluth, Ga.
(Period ended September 30, 2010, in millions of US$)
Q3 10 Q3 09 YTD 10 YTD 09
Net Sales 1,657.4 1,389.5 4,728.6 4,689.2
Gross Profit 303.8 243.1 849.5 805.7
Ag Growth, Winnipeg, MB
(Period ended September 30, 2010, in millions C$)
3 months ended 9 months ended
___________ _2010 2009 2010 2009
Sales 83,112 68,316 207,109 190,445
Gross margin 32,247 28,900 81,260 80,058
Net Earnings 15,410 15,126 34,278 41,684
Alamo Group, Seguin, Texas
(Period ended September 30, 2010, in millions of US$)
Q3 10 Q3 09 YTD 10 YTD 09
Net Sales 132.3 110.3 395.0 333.7
Net Income 8.2 4.6 17.0 9.1
CNH Global, Burr Ridge, Ill.
(Period ended September 30, 2010, in millions of US$)
Q3 10 Q3 09 YTD 10 YTD 09
Net Sales 3,540 2,960 10,715 9,570
Gross Profit 645 448 1,945 1,398
Net Sales – Ag Equip. 2,769 2,454 – –
Gross Profit – Ag 547 441 – –
Operating Profit – Ag 235 160 732 545
Titan International, Quincy, Ill.
(Period ended September 30, 2010, in millions of US$)
Q3 10 Q3 09 YTD 10 YTD 09
Net Sales 222,818 141,496 648,922 581,083
Gross Profit 27,946 (3,030) 87,936 56,779
Net Income 4,015 (11,113) 10,662 1,838
Agricultural 170,675 105,426 497,503 453,098
