DULUTH, Ga. (AP) — DULUTH, Ga. (AP) — Agco Corp. (AGCO) on Tuesday reported first-quarter net income of $55 million.
The Duluth, Georgia-based company said it had profit of 76 cents per share. Earnings, adjusted for one-time gains and costs, came to 94 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The farm equipment maker posted revenue of $2.34 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $2.3 billion.
Agco expects full-year revenue in the range of $10.5 billion to $10.7 billion.
Agco shares have climbed 16% since the beginning of the year. The stock has climbed 27% in the last 12 months.
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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
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