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EX - 99.1 2 a2021earningsreleaseq1.htm EX - 99.1 AGCO Your Agriculture Company NEWS RELEASE For Immediate Release Thursday , April 29 , 2021 ● Exhibit 99.1 CONTACT : Greg Peterson Vice President , Investor Relations 770-232-8229 AGCO REPORTS FIRST QUARTER RESULTS greg.peterson@agcocorp.com DULUTH , GA - April 29 - AGCO , Your Agriculture Company ( NYSE : AGCO ) , a worldwide manufacturer and distributor of agricultural equipment and solutions , reported its results for the first quarter ended March 31 , 2021. Net sales for the first quarter were approximately $ 2.4 billion , an increase of approximately 23.4 % compared to the first quarter of 2020. Reported net income was $ 1.99 per share for the first quarter of 2021 , and adjusted net income ( 3 ) , which excludes restructuring expenses , was $ 2.00 per share . These results compare to reported net income of $ 0.85 per share , and adjusted net income , excluding restructuring expenses , of $ 0.86 per share for the first quarter of 2020. Excluding favorable currency translation impacts of approximately 3.5 % , net sales in the first quarter of 2021 increased approximately 19.8 % compared to the first quarter of 2020 . Highlights Reported regional sales results ( ¹ ) ; Europe / Middle East ( “ EME " ) 19.2 % , North America 10.7 % , South America 56.3 % , Asia / Pacific / Africa ( " APA " ) 83.1 % Constant currency regional sales results ( ¹ ) ( ² ) ( ³ ) : EME 11.5 % , North America 9.7 % , South America 83.8 % , APA 65.9 % As compared to first quarter 2020 . ( 2 ) Excludes currency translation impact . ( 3 ) See reconciliation of Non - GAAP measures in appendix . Regional operating margin performance : EME 10.9 % , North America 12.3 % , South America 6.7 % , APA 10.5 % Increased quarterly dividend by 25 % and declared variable special dividend of $ 4.00 per share Raised full - year outlook for net sales and net income per share " AGCO continued its strong operational performance in the first quarter and set records for first quarter operating income and earnings per share , ” stated Eric Hansotia , AGCO's Chairman , President and Chief Executive Officer . " Favorable market demand and positive market response to our technology - focused products helped produce sales growth and margin expansion across all regions . Outstanding execution from our team allowed us to minimize the impact of ongoing supply constraints , and an improved pricing environment helped offset material and freight cost inflation . Healthy farm fundamentals are driving robust replacement demand and our order boards remain well ahead of last year . With increased visibility for the coming quarters , we have raised our net sales and earnings forecast for 2021 while enabling continued investment in our premium technology , smart farming solutions and enhanced digital capabilities . "