Duluth-based farm equipment maker AGCO reported a $133.9 million profit for the second quarter, more than double its profit a year ago, thanks to the world's expanding consumption of food and fuel.
The record second-quarter profit amounted to $1.36 per share, up from 66 cents per share a year ago.
The company's net sales for the quarter ended June 30 were $2.4 billion, up 35.3 percent from $1.7 billion in the same quarter of 2010.
Market recovery in Europe, where AGCO has a strong presence, is helping to drive the improvements. The company said global demand for farm equipment is expected to strengthen this year. Higher commodity prices are spurring increased demand. The forecast is for growth in North America and continued health in South America.
AGCO, which manufactures tractors, combines, hay tools, sprayers, forage equipment, tillage and other parts, sells products under the brand names Challenger, Fendt, Massey Ferguson and Valtra in more than 140 countries around the world.
The company is increasing investments in new products and market expansion in Asia and Eastern Europe and is introducing new products in Western Europe, South America and North America.
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