Duluth-based AGCO, makers of farm equipment, reported net sales of $1.8 billion Tuesday for the first quarter of 2011, an increase of 35.3 percent over a similar period in 2010.
"Robust farm economics are stimulating markets in Western Europe and sustaining market strength in North and South America," said Martin Richenhagen, the company’s CEO. "AGCO capitalized on strong industry demand and delivered record first quarter sales and earnings.”
AGCO’s stock closed at $57 per share Tuesday, up $2.09 from the previous close.
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