DULUTH, Ga. (AP) — DULUTH, Ga. (AP) — Agco Corp. (AGCO) on Thursday reported second-quarter profit of $77.2 million.
On a per-share basis, the Duluth, Georgia-based company said it had net income of $1.08. Earnings, adjusted for amortization costs and restructuring costs, came to $1.43 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.54 per share.
The farm equipment maker posted revenue of $2.61 billion in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $2.73 billion.
Agco expects full-year earnings in the range of $5.50 to $5.75 per share, with revenue in the range of $10.1 billion to $10.2 billion.
Agco shares have risen 11% since the beginning of the year. The stock has risen almost 8% in the last 12 months.
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