AGCO, a worldwide manufacturer and distributor of agricultural equipment, announced today that it has updated its outlook for net income per share for the third quarter and full year of 2014.
The company now expects third quarter net income per share to be in a range from $0.60 to $0.65 including a benefit of approximately $0.15 per share for the reversal of previously recorded long-term stock compensation expense.
Full year 2014 net income per share is now expected to range from $4.10 to $4.30. The revised estimates exclude restructuring and other infrequent expenses, which may be incurred.
AGCO’s results are expected to be negatively impacted by lower sales levels across all regions, lower production and foreign currency translation.
“During the third quarter, we experienced weaker than anticipated levels of demand and are responding by making more aggressive cuts in production schedules and expenses,” stated Martin Richenhagen, AGCO’s chairman, president and chief executive officer.
The company will report third quarter 2014 earnings on October 28, 2014.