DULUTH, Ga. (AP) _ Agco Corp. (AGCO) on Thursday reported second-quarter earnings of $69.7 million.
On a per-share basis, the Duluth, Georgia-based company said it had net income of 93 cents. Earnings, adjusted for asset impairment costs and restructuring costs, came to $1.11 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The farm equipment maker posted revenue of $2.01 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $1.74 billion.
Agco expects full-year earnings in the range of $3.50 to $3.75 per share, with revenue in the range of $8.3 billion to $8.4 billion.
Agco shares have fallen 18% since the beginning of the year. The stock has dropped 17% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AGCO at https://www.zacks.com/ap/AGCO
Automated Insights, source Associated Press News